Allianz Germany sees claims of more than $589mln from recent storm

Allianz had already received claims for around 10,000 homes and 3,000 vehicles

  
A logo of Europe's biggest insurer Allianz is pictured in Tokyo October 19, 2012.

A logo of Europe's biggest insurer Allianz is pictured in Tokyo October 19, 2012.

Reuters/Yuriko Nakao

MUNICH - German insurer Allianz said on Tuesday that it expected claims of more than 500 million euros ($589 million) from storm Bernd, which caused catastrophic flooding in parts of western Germany earlier this month.

It is the first estimate from Germany's biggest insurer on the claims for the flooding that stretched from an area close to the western city of Cologne down to southern Bavaria, causing houses to collapse, stranding residents on rooftops and sweeping away cars. At least 180 people were killed.

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.

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 claims experts in the affected areas to assess damage. ($1 = 0.8495 euros)

(Reporting by Alexander Hübner; Writing by Maria Sheahan and Tom Sims Editing by Caroline Copley) ((maria.sheahan@thomsonreuters.com; +49 30 22013 3680;))


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