NEW YORK (Bloomberg) — Winter storm Klaus, which struck Europe last month, may cost insurers as much as 1 billion euros ($1.27 billion) on French claims, according to a firm that estimates losses from natural disasters.

Damage could be as low as 500 million euros, according to an estimate by AIR Worldwide Corp. of claims tied to homes, businesses and farms.

"Losses to utility companies may be significant," the firm said in statement yesterday distributed by Business Wire.