Swiss Re said on Monday that July hail storms in northern and southern Germany could cost the company around $240 million to settle claims.
The Swiss reinsurer estimated industry losses of between $2 billion and $2.7 billion as a result of the storms, more than double initial estimates of the damage shortly after the storms.
German rival Munich Re executive Torsten Jeworrek forecast in August industry wide damage claims for insurers would be about 600 million euros ($811 million), and reinsurance claims would likely be above 10 million euros.
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