Germany Floods: The flooding was Germany's worst natural disaster in more than half a century.
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".
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