Both Germany and China have experienced their most costly insured natural disaster loss events in history in July, with both largely related to the impacts of devastating flooding, according to insurance and reinsurance broker Aon.

Germany is expected to face around US $20 billion in economic losses, while across Europe the July flood event is estimated to have cost more than $25 billion.

Of this, Germany is estimated to be facing $5.3 to $6.5 billion of insurance and reinsurance market losses from the flooding, while the rest of Europe is anticipated to be facing at least another US $1.2 billion of insured losses as well.

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