Bermuda-based PartnerRe Ltd. announced that claims relating to its exposure to Windstorm Erwin, which hit Northern Europe in early January, are expected to be between $50-$60 million.
Windstorm Erwin battered Northern Europe from Ireland to Russia over the weekend of Jan. 7-9, 2005, killing at least 17 people and causing widespread property damage throughout the region. Erwin, which brought torrential rain and winds in excess of 85 miles per hour, has been described as one of the most severe storms to hit Northern Europe in more than 15 years.
The most substantial losses are expected to come from Sweden, where extensive forest damage has been reported, while the U.K. and Denmark were also severely affected. Total estimated industry insured losses relating to Windstorm Erwin are expected to be between $1.3 billion and $1.7 billion.
PartnerRe’s loss estimate is based on the assessment of individual
treaties as well as client data. PartnerRe is a leading reinsurer of European catastrophe risks, and the company’s loss estimate for Windstorm Erwin is consistent with its market position in that region.
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