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Europe Flood Damage to Top $15.5 Billion, Munich Re Says

Flooding in Europe last month will cause more than 12 billion euros ($15.5 billion) of damage, the year’s most expensive natural catastrophe, according to Munich Re, the world’s biggest reinsurer.

Insured losses will probably be at least 3 billion euros, the majority of which are in Germany, the Munich-based company said in an e-mailed statement today. The damage costs will approach the $16.5 billion of losses from the Elbe river floods of 2002, of which $3.4 billion were insured, Munich Re said.