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updated: 7/9/2013 9:55 AM

Insurer: European floods year's costliest disaster

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Associated Press

BERLIN -- A leading insurance company says flooding in central Europe last month caused damage totaling more than $16 billion, about a quarter of it insured -- making it the year's costliest natural disaster so far.

Munich Re AG put insured losses from the flooding in Germany and several other countries at $3.9 billion. Both figures were similar to the damage caused by floods in 2002 that hit some of the same areas.

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Munich Re said Tuesday that overall losses caused by natural disasters totaled a below-average $45 billion between January and June, with insured losses totaling $13 billion.

May's deadly tornadoes in Oklahoma were the second-costliest disaster in the period, causing overall losses of $3.1 billion -- nearly $1.6 billion of that covered by insurance.

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