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Europe floods to cost insurers 3 bln eur -Munich Re
July 9, 2013 / 8:21 AM / in 4 years

Europe floods to cost insurers 3 bln eur -Munich Re

FRANKFURT, July 9 (Reuters) - Europe’s insurance industry will face around 3 billion euros ($3.9 billion) in damage claims from flooding in central Europe in May and June, reinsurer Munich Re predicted on Tuesday.

The figure is in line with a forecast released by Munich Re rival Swiss Re on Monday, which said insurers may have to foot a bill of $3.5-4.5 billion.

Economic damage from the floods, which hit Germany particularly hard but also affected neighboring countries, was likely to be more than 12 billion euros, Munich Re said.

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