After more than two months since the flood disaster in western and southern Germany, the insurance companies have already paid out payments for damage to many of those affected. “We have already paid out more than a fifth of the loss amount, around 1.5 billion euros,” said Jörg Asmussen, General Manager of the German Insurance Association (GDV), the editorial network in Germany. The money went to private households and businesses. The total amount of insured damage would be around seven billion euros. There are 250,000 individual cases of damage, of which 50,000 were destroyed cars. According to GVD, insurance companies can handle damaging events such as floods well because they are reinsured and the insurance industry has a large capital buffer.
Insurance – payments after floods – economy
