Swiss Re has put its preliminary claims estimate for winter storm Kyrill at approximately €140m before tax.
Swiss Re believes Kyrill could cost the insurance industry up to €3.5bn. However, the reinsurer highlighted the fact that its hedging strategy has proven extremely effective at limiting its expected exposure to a “modest” €140m.
The low pressure system that gave rise to winter storm Kyrill formed on 15 January 2007 over Newfoundland. It made first landfall on 18 January in Ireland and the UK before moving to Continental Europe. While the peak wind speeds were generally far lower than Lothar in 1999 which cost the industry €5.5bn in today's currency, Kyrill covered a much broader area with strong gales, affecting large areas of the United Kingdom and Germany, along
with neighbouring countries in Continental Europe.
