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Swiss Re estimates Kyrill claims at $181.5 million


ZURICH, Switzerland--Swiss Reinsurance Co. estimates that European windstorm Kyrill could cost the insurance industry €3.5 billion ($4.54 billion) and estimates its own net claims to be about €140 million ($181.5 million) before taxes.

Zurich, Switzerland-based Swiss Re described its Kyrill losses as modest, which it attributed to strict underwriting selection and a successful hedging strategy.

Kyrill formed on Jan. 15 over Newfoundland and made its first landfall Jan. 18 in Ireland and the United Kingdom before moving to continental Europe.

London-based catastrophe modeling company Risk Management Solutions Inc. has estimated Kyrill could cost an estimated €3 billion to €5 billion ($3.89 billion to $6.48 billion) in insured losses, while Oakland, Calif.-based risk modeler EQUECAT Inc. has put a €2.5 billion to €5 billion ($3.24 billion to $6.48 billion) estimate on the storm's damage. Meanwhile, modeler AIR Worldwide Corp. issued a larger and broader loss range of €4 billion to €8 billion ($5.19 billion to $10.37 billion).