UPDATE 1-Swiss Re estimates German storm claims at $240 mln

Mon Sep 23, 2013 2:23am EDT

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(Adds background, Munich Re, earlier loss estimates)

ZURICH, Sept 23 (Reuters) - Swiss Re said on Monday that July hail storms in northern and southern Germany could cost the company around $240 million to settle claims.

The Swiss reinsurer estimated industry losses of between $2 billion and $2.7 billion as a result of the storms, more than double initial estimates of the damage shortly after the storms.

German rival Munich Re executive Torsten Jeworrek forecast in August industry wide damage claims for insurers would be about 600 million euros ($811 million), and reinsurance claims would likely be above 10 million euros.

But he raised that estimate earlier this month, saying the industry as a whole would face claims of around 1.5 billion euros ($2 billion) from the storms.

Munich Re said it expects damage claims of around 180 million euros, including 160 million in its reinsurance segment.

Earlier this month Swiss Re said it expects natural catastrophe pricing rates to stabilise in 2014 after a decline this year, with demand for the cover doubling by 2020 in high-growth markets. ($1 = 0.7402 euros) (Reporting by Martin de Sa'Pinto; Editing by Louise Heavens)

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