RSA Insurance estimates European storm losses up to $103.5M

RSA Insurance Group P.L.C. said Tuesday that its initial estimate of losses from severe windstorms in northern Europe last week was in the range of £45 million to £65 million ($71.7 million to $103.5 million).

London-based RSA said in its interim management statement for the third quarter of 2013 that claims from the storms on Oct. 27-28 would fall largely on its Baltic, Scandinavian and U.K. units, with the “significant majority” of the loss falling in Scandinavia.

RSA said that storm losses in Europe and in Canada during 2013 would significantly affect the company's results for 2013 and likely cause it to post a return-on-equity of below 10%.

RSA said it suffered a net loss of £46 million ($73.3 million) from flooding in Alberta, Canada, in June and a net loss of £37 million ($58.9 million) from floods in Toronto in July.