French Insured Storm Losses Put at $4.4 Billion

February 2, 2000

Confirming previous estimates, the Federation Francaise de Societes d'Assurance reported Monday that over 3 million damage claims had been filed as a result of the storms which hit France at the end of December. Resulting damages covered by insurance are estimated at frs. 30 billion ($4.4 billion U.S.).

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Three quarters of the claims came from damages to individuals said the federation, and most of the losses were the result of wind damage. Insurers will pay all claims, less a maximum deductible amount of frs.1500 ($222), and, depending on the insurer, no personal inspection of the damages is being required for losses raging between frs. 10,000 to 40,000 ($1480 and $5922).