Powerful storms which lashed Europe last month will cost insurers around $2 billion in claims.

More widespread than Winter Storm Klaus but lacking in severity, Winter Storm Xynthia is expected to come close to surpassing the former’s €1.5 billion ($2.24 billion) in insured losses, which struck mainland Europe in 2009.

Risk Management Solutions estimates that private market insured wind losses from Xynthia will fall between €1 billion ($1.5 billion) and €2 billion ($2.9 billion), while Partner Re places losses at least $US2 billion ($2.18 billion).

The bulk of claims are in France, where the country’s Association of Insurance Companies estimates losses of €1.2 billion ($1.8 billion). However, claims for insurers will be capped under the state-owned reinsurance scheme, Caisse Centrale de Réassurance, which will cover about 50% of claims.

Ratings agency Moody’s says although the insurance bill will fall below that of Klaus, Xynthia will have an impact on future reinsurance costs.

“Reinsurers will now be more exposed to future climatic events in France, especially to future storms, as annual aggregate retention levels for climatic risks of some ceding companies may nearly be reached.”