Insurers to pay CZK 19 billion for flood damages

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The Finance Ministry and the Czech Association of Insurance Companies estimates that Czech insurers will have to pay around 19 billion CZK in compensation.

The Finance Ministry and the Czech Association of Insurance Companies estimates that Czech insurers will have to pay around 19 billion CZK in compensation. That is twice as much as insurance companies paid for damages caused by massive floods in 1997. Insurance companies operating in the Czech Republic have repeatedly said they have enough money to satisfy the estimated 130,000 claims concerning flood damage.