GDV increases Kyrill loss estimates

BERLIN, Germany— The German insurance association said Thursday it had increased its estimate of insured property damage losses in Germany from windstorm Kyrill to approximately €1.9 billion.

Right after the storm last month, the Berlin-based Gesamtverband der Deutschen Versicherungswirtschaft e.V. estimated losses at about €900 million.

A spokesman for said in a release that the estimates, which were initially based on comparisons with previous storms, had to be revised "significantly upward."

The spokesman added that in the light of forecasts for more damaging storms due to climate change, he could not rule out that insurance cover for natural catastrophes would become more expensive.