Insured flood losses likely to be below 2002 level
The macroeconomic losses from the floods in central Europe are likely to far exceed the insured losses, Munich Re’s chief executive Niclaus von Bomhard said.
"On the losses, I can't give any numbers, it's way too early, but the macroeconomic loss will be much bigger than the insured loss," he is quoted as saying by Reuters.
Underinsurance for flood risk in
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