WILLIS RE SEES HAILSTORM LOSS AT APPROACHING $5BN

Willis Re has estimated at €3.5bn ($4.74bn) the insured losses as a result of the significant hailstorms that struck parts of Germany (€2.5bn) and France (€800m) over the summer. Willis Re managing director Dirk Spenner said that the size of the insured loss reflected the extreme size of the hailstones and the affluence of the area affected. There were nine named events in total, in three short timespans during June, July and August. Last week Swiss Re put the estimated insured loss at about $4bn. Andreas was the big event of the nine, causing up to €2bn in insured losses in Germany alone when it struck in late July.