German floods cause insured losses of over $1.2 bln

The record floods that have devastated parts of Germany and killed at least 170 in the country are estimated to have caused more than 1 billion euros ($1.2 billion) in insured losses, actuary company MSK said.

The floods, which started last week Wednesday, turned roads into rivers, swept away vehicles and buried swathes of land under thick in several regions in Germany, most notably the states of Rhineland-Palatinate and North Rhine-Westphalia.

On Tuesday, the death toll climbed to 170. 

Photo: Cars and trucks on the B265 federal highway in Erftstadt, Germany after large parts of Western Germany were hit by heavy, continuous rain in local flash floods that destroyed buildings and swept away cars. EPA-EFE/SASCHA STEINBACH