Insurance losses from flooding in central and eastern Europe could be between $US3.5 billion and $US4.5 billion ($3.8 billion and $4.9 billion), according to Swiss Re.

The company estimates its own share of claims at about $US300 million ($327 million).

The floods affected large areas of Germany, the Czech Republic, Austria, Hungary and Slovakia in May and last month, but Swiss Re says prevention measures helped protect many areas from worse damage.

“In Prague, for example, mobile flood barriers were erected, which saved most of the city from significant flooding.”

Munich Re estimates overall insured losses will be at least €3 billion ($4.2 billion).

Berlin-based insurance association GDV says insured losses in Germany could reach almost €2 billion ($2.8 billion), exceeding the €1.8 billion ($2.5 billion) cost of the 2002 Elbe floods.