January 30, 2007	Tuesday	Muharram 10, 1428

HANNOVER (Germany), Jan 29: Winter storm Kyrill, which swept over large parts of Europe on Jan 18-19, could lead to damage claims of four-to-seven billion euros for the insurance industry, reinsurance giant Hannover Re estimated on Monday.

"The exact scale of insured damage cannot yet be reliably assessed in view of the multitude of small-and medium-size losses and the large number of countries affected," Hannover Re said in a statement.

The group, the world's number three reinsurer, estimated that its own net loss burden would amount to 120-180 million euros before tax, with the bulk of claims being made in Germany.

"Even after Kyrill, we are within the bounds of our loss expectations," said chief executive Wilhelm Zeller. And he added: "This severe storm will have a favourable effect on rate movements in European catastrophe reinsurance in the coming year. Kyrill brought home to European insurers that wind is just as much a force to be reckoned with in Europe as it is in the United States."—AFP