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Storm likely to cause $290 million in insured losses: Official

Posted On: Oct. 31, 2017 4:00 AM CST

Onnen Siems, chief executive of Germany-based actuarial firm Meyerthole Siems Kohlruss, said that storm Herwart is likely to have caused €250 million ($290 million) worth of insured property damage, reports. Mr. Siems said that majority of losses will fall to primary insurers, as the storm is unlikely to cause a loss significant enough to trigger their catastrophe reinsurance programs. The storm struck Germany on Oct. 29.

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