Allianz sees €500m claims over recent storm

Photo: EPA

The German insurer Allianz announced it expected claims related to damages from the storm Bernd to top 500 million euros. The storm caused deadly floods in many parts of western Germany earlier in July, Reuters reported.

This is the first official estimate from the experts of the country's biggest insurer related to the expected claims over the floods that devastated an area starting close to the western city of Cologne down to southern Bavaria, causing houses to collapse, stranding residents on rooftops and sweeping away cars.

The estimate does not include losses from floods in the southern German state of Bavaria and in Saxony in the east last weekend, the association said. Allianz said that it had already received claims for around 10,000 homes and 3,000 vehicles, but it expected a total 30,000 claims for homes and 5,000 for vehicles. Allianz said it had 230 experts in claims in the affected areas to assess damage.

At least 180 people were killed in the floods. German insurance industry association GDV said last week that insured losses from the floods in western Germany may total 4 billion to 5 billion euros. It said the floods in the states of North Rhine-Westphalia and Rhineland-Palatinate are likely to exceed the 4.65 billion euros of damage recorded following a flood in August 2002.

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