Insurance – post flood payments – economy

More than two months after the catastrophic floods in western and southern Germany, insurance companies have already paid for damage to many affected people. “We have already paid more than a fifth of the damage amount, around 1.5 billion euros,” said Jörg Asmussen, managing director 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, including 50,000 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 cushion.

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