“The storms and snowfall forecast for the weekend are not likely to cause major insured losses,” the world’s largest reinsurer said in a statement.
“Although snow breakage and heavy icing are being predicted, record events … are not to be expected,” the reinsurer’s weather experts predicted.
Heavy snowfall and snow pressure on buildings such as warehouses, shopping centers and infrastructure claimed four lives and caused around $1 billion in economic damage around Europe in February 2006, costing the insurance industry some $500 million in claims, company data showed.
Freezing high winds and snow at the turn of the year 1996-1997 killed 170 people and caused $650 million in insured damages.
Southwestern Europe and northern central Europe will be hardest hit this weekend, Munich Re said, as a strong low-pressure system called Daisy in southern Europe collides with a high-pressure system gaining strength over Scandinavia.
Snow and arctic winds are also blasting the United States and Canada, threatening crops and slowing business.
Toboggan sales in Germany have jumped in anticipation of the snowy weekend, while in Britain, which is also battling icy storms, sales of fur coats and thermal underwear are sharply up.
Reinsurers like Munich Re and Swiss Reinsurance Co. help shoulder the damage claims faced by insurers such as Allianz S.E., AXA S.A. and Assicurazioni Generali S.p.A.
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