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Kyrill damage estimates in Germany skyrocket

Kyrill damage estimates in Germany skyrocket

BERLIN—The German insurance association said last week it had more than doubled its estimate of insured property damage losses in Germany from windstorm Kyrill to approximately e1.9 billion ($2.47 billion).

On Jan. 19, the Berlin-based Gesamtverband der Deutschen Versicherungswirtschaft e.V. estimated losses at about e900 million ($1.17 billion).

Edmund Schwake, chairman of the GDV's nonlife committee, said in a statement that the preliminary estimate was based on comparisons with previous storms and had to be revised "significantly upward."

The new estimate is viewed as more accurate because most damage claims have been received by insurers, GDV said.

Kyrill struck Europe on Jan. 18 with hurricane-force winds that lasted two days, causing losses across the United Kingdom and continental Europe.