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European winter storm insured losses could reach €1.5B, AIR Worldwide says

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European winter storm insured losses could reach €1.5B, AIR Worldwide says

Catastrophe risk modeler AIR Worldwide pegged insured losses due to wind from a recent winter storm in Europe in the range of €900 million to €1.5 billion, with Germany bearing the brunt.

The storm first hit the U.K., the Netherlands and Belgium. It then began lashing Germany before heading farther east, affecting Austria, the Czech Republic and Poland. Local authorities reported felled trees, power outages and travel disruption.

AIR's estimates included insured physical damage from wind to property, including structures and their contents, as well as business interruption and additional living expenses.

Not included in the estimates were, among other things, losses due to coastal or inland flooding, additional living expenses for residential claims or losses to uninsured properties and infrastructure.

AIR Worldwide is a Verisk Analytics Inc. business.