German insurers are likely to face damage claims from current flooding in the country that are higher than the 1.8 billion euros ($2.4 billion) seen in the Elbe River floods of 2002, insurance association GDV. 

However, reliable estimates for the flood damage will only be available once the water has subsided and the damage can be inspected, the GDV said in a statement.

Analysts at JP Morgan estimated that the Europe's biggest insurer, Allianz, could face a bill of 460 billion euros, or $608.1 million, from flooding in Germany, Austria and the Czech Republic. About 350 million euros is from Germany.  

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