BERLIN (dpa-AFX) - German insurers are expecting insured losses of around two billion euros following the floods in Bavaria and Baden-Württemberg. This initial forecast is still provisional, as the German Insurance Association announced in Berlin on Friday. "Because the floods on the Danube in particular have not yet subsided, this estimate is still subject to a certain degree of uncertainty," said GDV Managing Director Jorg Asmussen. After the end of the floods, GDV therefore intends to survey its member companies again to ascertain the status of the damage.

"Our top priority now is to help those affected quickly and efficiently," said Asmussen, emphasizing the insurers' desire to quickly clarify and settle the flood damage. "The insurers have special response plans for such cases."

According to this initial estimate, this year's floods could end somewhat more mildly than the last two major flood disasters in Germany. According to GDV figures, the July flood in 2021 caused insured losses of just under nine billion euros, compared to 2.65 billion euros for the June flood in 2013.

However, the GDV only estimates the losses that are then paid by the insurers. The total damage is much higher for each flood, partly because many people are not insured against floods. According to calculations by Munich Re, the world's largest reinsurer, the total damage caused by the July 2021 flood amounted to 33 billion euros, almost four times the insured sum.

The current flood in southern Germany was the third and largest in just a few months; in addition to the Danube, many of its tributaries also burst their banks. According to GDV estimates, flooding in northern and central Germany over Christmas caused around 200 million euros in damage. The Whitsun floods in Saarland and Rhineland-Palatinate were similarly expensive for insurers./cho/DP/stw