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Swiss Re says European storm to cost about euro140 million before tax

Swiss Re says European storm to cost about euro140 million before tax

Swiss Re, the world's largest reinsurer, said Friday that it expects claims for the winter storm that meteorologists dubbed "Cyril" to be about euro140 million (US$181.7 million) before taxes.
In total, the storm that hit Europe earlier this month will probably cost the insurance industry up to euro3.5 billion (US$4.5 billion), Swiss Re said in a statement. A Risk Management Solutions estimate released this week put total insured losses from the storm between US$3.9 billion and US$6.5 billion (euro3.01 billion and euro5.01 billion).
"Swiss Re's strict underwriting selection and successful hedging strategy result in the company expecting its own net claims to be modest at approximately euro140 million before tax," the company said.
The storm hit Europe last week with winds over 80 miles an hour and heavy downpours, killing at least 48 people and disrupting travel for tens of thousands.
On Wednesday, reinsurer PartnerRe Ltd. said claims related to the storm will be between US$50 million and US$65 million (euro38.5 million and euro50.1 million). The Bermuda-based company expects claims from a number of countries, with most coming from Germany and Austria.


Updated : 2021-06-18 13:03 GMT+08:00