Insured losses from German floods may total nearly $6B

(Reuters) — Insured losses from floods in western Germany last week may total €4 billion to €5 billion ($4.7 billion-$5.9 billion), insurance industry association GDV said Wednesday.

It said the floods in the states of North Rhine-Westphalia and Rhineland-Palatinate are likely to exceed the €4.65 billion of damage recorded following a deluge in August 2002.

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.

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