MUNICH (Bloomberg) — Hannover Re, the world’s fourth-biggest reinsurer, expects damage claims of as much as [EURO]180 million ($233 million) from winter storm Kyrill, which battered Europe for two days earlier this month.The Hanover, Germany-based reinsurer expects a net loss burden of between [EURO]120 million euros and [EURO]180 million before taxes, it said in a statement distributed by the Hugin newswire today. Hannover Re forecasts total insured losses of [EURO]4 billion to [EURO]7 billion for the insurance industry, it said. “This severe storm will have a favourable effect on rate movements in European catastrophe reinsurance in the coming year,” chief executive officer Wilhelm Zeller said in the statement. “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.”

The insurance industry may face total claims between [EURO]5 billion and [EURO]7 billion from Kyrill, Hannover Re rival Munich Re said last week. The company, the world’s second-largest reinsurer, also said it expects a pretax burden of as much as [EURO]600 million from the storm.

Last week Swiss Reinsurance Co., the world’s biggest reinsurer, said damage from Kyrill cost it up to [EURO]220 million, adding that a “successful hedging strategy” will reduce the cost to [EURO]140 million before tax.