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ZUG, Switzerland Swiss reinsurance company Converium Holding Ltd. has estimated its gross damages for Winter Storm Kyrill that made landfall on January 18 at about €25 ($32.5 million)to €35 million ($45.6 million).
The Zug, Switzerland-based company has based its figure on an assumed industry loss of roughly €5 billion ($6.5 billion)to €7 billion ($9.1 billion).
Paolo De Martin, chief financial officer of Converium said "Converium's losses from the storm reflect our strong market position in Continental Europe and are in line with our projections for a European storm loss which we would expect to occur every five to eight years. The large geographical scale of the event and the extremely high number of small losses mean there is still a degree of uncertainty."
Converium noted that the Windstorm most severely affected property and motor lines in Germany and Austria.
The United Kingdom, France, Belgium, the Netherlands and several other Northern and Central European countries experienced smaller insured losses, it said.