Swiss Re’s preliminary estimates of its potential net losses from Windstorm Kyrill are around €140 million ($181 million) before tax. Its gross claims estimate is around €220 million ($284 million), but this is reduced “by various protections in place of €80 million [$103.4 million].”
The world’s largest reinsurer said industry losses could be as high as €3.5 billion ($4.52 billion), in line with most of the previously announced lower estimates.
Swiss Re analyzed the storm as resulting from a “low pressure system” that formed on January 15 over Newfoundland. “It made first landfall on 18 January in Ireland and the United Kingdom before moving to Continental Europe. While the peak wind speeds were generally far lower than Lothar in 1999 which cost the industry €5.5 billion [$7.1 billion] in today’s currency, Kyrill covered a much broader area with strong gales, affecting large areas of the United Kingdom and Germany, along with neighboring countries in Continental Europe. Warnings published in advance of the storm helped to limit the fatalities, which – at 47 reported deaths – is significantly below the 110 fatalities caused by Lothar.”
For further information on European winter storms visit: www.swissre.com.