Findings are based on research by global insurance broker Willis Re
St Jude could cost the insurance industry between £300-500m, according to research by Willis Re.
Losses from the storm, which hit the UK over Sunday night, were concentrated predominantly in the South of England.
Significant damage was caused by fallen trees, which were heavily laden with leaves because of the time of year, fallen tiles and smashed windows.
Willis Re UK’s executive director Tim Edwards said the damages were comparable to Storm Kyrill in January 2007, which according to the ABI, cost insurers £350m.
In 1987 the Great Storm cost insurance companies more than £1bn - around £2bn in today’s money.