Alexa
  • Directory of Taiwan

Hannover Re expects liabilities up to euro180 million from storm that hit Europe

Hannover Re expects liabilities up to euro180 million from storm that hit Europe

German reinsurer Hannover Re said Monday it expects liabilities in the range of euro120 million to euro180 million (US$155 million to US$232 million) from the storm that hit Europe earlier this month.
The company estimated the Jan. 18-19 storm, which caused the deaths of nearly 50 people across Europe, caused a total insured damage of between euro4 billion and euro7 billion (US$5 billion) to (US$9 billion).
It said, however, that the exact scale of insured damage "cannot yet be reliably assessed in view of the multitude of small- and medium-size losses and the large number of countries affected."
The estimate is higher than one released last week by Swiss Re, which said the storm _ dubbed "Cyril" by German meteorologists _ would probably cost the insurance industry up to euro3.5 billion (US$4.5 billion). A Risk Management Solutions estimate released last week put total insured losses from the storm between US$3.9 billion and US$6.5 billion (euro3 billion and euro5 billion).
Most of Hannover Re's exposure was in Germany, the company said in a statement.
"Even after Cyril we are within the bounds of our loss expectations," CEO Wilhelm Zeller said.
Reinsurance companies sell backup coverage to other insurers, spreading risk so the system can handle huge losses from major disasters.


Updated : 2021-06-14 11:21 GMT+08:00