Insurers will have to pay out up to 1.3 billion euros ($1.75billion) in claims after the storm that swept through northernEurope in late October, broker Willis Re estimates.
|Northern Europe was battered by hurricane strength winds betweenOctober 27-29, with Britain, France, Belgium, the Netherlands,Denmark and Germany bearing the brunt of the damage toproperty.
|Damage, adding up to an insured loss between 800 million eurosand 1.3 billion euros, was caused mainly by falling trees,consisting largely of broken roof tiles and smashed windows, WillisRe said in a note on Monday.
|Shore Capital Stockbrokers has said that insured losses wouldhave to reach at least 1 billion pounds ($1.59 billion) before theyare likely to have any effect on profits at firms with a largemarket share in home insurance, such as RSA or DirectLine.
|Willis estimated losses to the insurance industry in the UK fromthe storm to be between 350 million euros and 590 millioneuros.
|Estimated losses in Germany are expected to be between 250million euros and 400 million euros, while for Denmark the figurecould reach 325 million euros, Willis Re said.
|By comparison, the Association of British Insurers has said thatthe storm that killed 18 people and felled millions of trees inOctober 1987 caused insured losses of more than 2 billion pounds intoday's terms.
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