Cost of St Jude storm set to exceed £1bn

The St Jude storm could cost up to £1.1bn across Europe, according to broker Willis Re.

The UK was the first country to be hit by the storm and last week Willis Re said the insurance industry could end up paying out between £300m and £500m.

As a result of the storm seven people died in Germany, four in the UK and there were further fatalities in the Netherlands, Denmark and France. The majority of property damage and transport delays were caused by falling trees and up to 166,000 homes were left without power in the UK on the first night off the storm.

Dr John Alarcon, executive director at Willis Re, commented:

While definitely not one of the largest windstorms to have ever affected Europe, it is the largest windstorm in Europe since the 2010 loss when Windstorm Xynthia cost the industry around €1.3 billion. This storm could potentially equal Xynthia in terms of insured loss, but is unlikely to exceed it.

St Jude will cost significantly less than the storm of 1987 which killed 18 people and cost £2bn.