Insured losses from Extratropical Cyclone Niklas, which hit areas of Europe in late March, likely will range between €1.0 billion and €1.9 billion ($1.10 billion and $2.09 billion), according to catastrophe modeling firm AIR Worldwide Corp.
The majority of the losses occurred in Germany, AIR said Tuesday, while losses also occurred in Austria, Belgium, the Czech Republic, France, Ireland, Luxembourg, the Netherlands, Poland, Switzerland and the United Kingdom.
Yorn Tatge, managing director at AIR Worldwide GmbH in Munich, said that wind gust speeds recorded during the cyclone, which was at its most severe on March 31, were comparable to those seen during Windstorm Kyrill in 2007.
Insured losses from natural catastrophes and man-made disasters totaled $34 billion in 2014, down 24% from $45 billion in 2013, according to preliminary estimates released Wednesday by Swiss Re Ltd.