German Floods Cause Up To 5 Billion Euros In Insured Losses: Association

Germany Floods: At least 170 people died in Germany's worst natural disaster in more than half a century, and thousands went missing.

The damage caused by devastating floods in Germany last week is likely to cost the insurance industry up to five billion euros ($5.9 billion), the GDV insurance industry association said on Wednesday. "We are currently expecting insured losses of four to five billion euros," Joerg Asmussen, chief executive of the GDV, said in a statement, calling the disaster "one of the most devastating storms in recent history". (This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)