Damage from winter storm Xynthia, which devastated parts of France, Belgium, Germany and the Netherlands last week, will cost insurers up to €3 billion ($4.5 billion), according to risk modeller AIR Worldwide.

Wind gusts of up to 140kmh killed 62 people and caused many thousands of property damage claims, which media reports suggest will in most cases be for relatively small amounts.

France was the hardest hit by the storm, with wind-generated high tides damaging sea walls on the Atlantic coast.

Fitch Ratings says flood and coastal storm surge losses will be substantial.