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PARIS—Insured damage from the deadly storm that swept through western Europe last weekend could reach up to €3 billion ($4.09 billion), catastrophe modeling company AIR Worldwide Corp. estimated Wednesday.
Windstorm Xynthia caused at least 51 deaths and extensive property damage across five countries, hitting France the hardest. The storm also hit portions of Belgium, Germany, Portugal and Spain.
Insured losses likely will range from €1.5 billion ($2.04 billion) to €3 billion, Boston-based AIR said in a statement. The estimate does not include business interruption or infrastructure losses.
“Xynthia brought with it a potent combination of hurricane-force gusts and torrential rains, causing property damage across parts of Spain, France, Belgium and Germany,” Peter Dailey, director of atmospheric science at AIR, said in the statement.
Damage was heavy in France because some of the construction there could not withstand Xynthia’s hurricane-force gusts, according to AIR. “Unreinforced masonry construction is common throughout France,” Mr. Dailey said.
While the size of individual claims is expected to be relatively small, the overall volume of claims is expected to be significant because such a large area was affected, AIR said.