Friday's killer windstorm that tore through Scotland, Northern England and parts of Europe, could cause insured losses over $1 billion according to a catastrophe modeling firm.
Newark, Calif.-based catastrophe modeler Risk Management Solutions it had analyzed the insured exposure from Windstorm Emma and estimates that total insured losses will be between 300 million euros ($457 million) and 700 million euros ($1.07 billion). This includes losses to residential, commercial and industrial properties.
The Guy Carpenter Instrat unit, in a CAT-i report, said the storm, which lasted through Saturday, resulted in "tens of millions of euros" worth of damage, according to German authorities. Instrat said there were 14 people reported killed.
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