Losses caused by productivity interruption

Snow and freezing weather across Europe will cause economic losses of $2bn (£1.27bn) in the UK alone, according to reinsurance broker Aon Benfield’s Monthly Cat Recap report.

The weather, which Aon Benfield said was the first major winter weather event of the season, caused travel chaos. The broker said the $2bn figure in the UK was due to productivity interruption.

The snow and freezing conditions also hit Germany, Poland France, Italy, Russia, Albania, Spain, Norway, Denmark, Portugal, the Czech Republic and the Balkans, and left 40 dead.

The winter weather closely followed flooding in Cornwall, which cost the insurance industry £10m and resulted in total economic losses of more than £16m, according to figures from the Association of British Insurers.