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Storms, 'Beast from the East' push up European insurers' Q1 costs

Allianz Group's losses from natural catastrophes in the first three months of 2018 amount to more than the combined losses incurred by the three next most badly hit insurers, Generali, Talanx AG and Chubb Ltd., according to data gathered by S&P Global Market Intelligence.

The Germany-based insurance group reported €311 million in total losses from all natural catastrophes during the quarter, €220 million of which was incurred specifically due to Storm Friederike, which hit Germany, Belgium and the Netherlands in mid-January. Perils AG, a Zurich-based catastrophe insurance data provider, currently estimates total losses of €1.63 billion from Friederike.

The "Beast from the East," a cold wave that affected the U.K. and Ireland from late February to early March, and Storm Emma, which also affected the two countries during the period, also led to significant losses for insurers in the region. RSA Insurance Group PLC said group weather costs were 5.1% of net earned premiums in the first quarter, while Direct Line Insurance Group PLC expects claims from the major freeze during the period to be in the region of £50 million after taxes, consuming much, if not all, of the company's annual budget for weather claims.

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