The recent floods will cost the insurance sector at least €120 million, which makes them the most expensive natural disaster in Luxembourg's history.

Initially, the Association of Insurance and Reinsurance Companies (ACA) expected costs of around €50 million, i.e. the amount announced by the government as financial aid for flood victims.

So far, insurers have received about 6,000 applications. Numerous cars were destroyed in the floods, with around 1,000 vehicles being rendered completely unusable.