Bermuda-based Partner Re said it expects claims arising from its exposure to Windstorm Erwin, which hit Northern Europe in early January, to be between $50m and $60m (£27m and £32m).

The company said the most substantial losses were expected to come from Sweden, where extensive forest damage has been reported, the UK and Denmark were also severely affected.

It predicted that the windstorm would create total industry losses between $1.3bn and $1.7bn (£680m and £900m).