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Archive Stories
Archived stories from Jan 2007

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Nice one Cyril - let's have another one!

Insurers were last night celebrating the news that winter storm Cyril caused insured losses in the range of Euros 1 billion to Euros 100 billion. "We haven't had a decent winter storm in Europe since 2002 so this is very welcome news," said David Caveat, chief underwriting officer of Hapless Insurance Co (HIC). "I was only saying to my colleagues the other day that what this market needs is a bloody good windstorm to harden it up a bit. Don't quote me on that there's a good chap."

Winter storm Cyril struck Europe with strong winds over the course of two days, causing travel and power disruptions, flooding, and building damage over a large part of Europe including the United Kingdom, France, the Netherlands, Germany, Liechtenstein, San Marino and the Scilly Isles.

"Winter storm Cyril was the worst storm to hit Europe in eight years and as such was very welcome indeed," said a spokesman for Models R Us. "Importantly, Cyril produced winds in many parts of Europe that were strong enough to produce big newspaper headlines and dramatic television pictures to scare consumers into buying more cover."

A spokesman for the Association of British Insurers said that newspaper reports of packed commuter trains being blown into the sea and entire villages being picked up and carried into different countries would help its members push through massive rate hikes this year.

"What was most notable about this event was its unusually large foot print," said Kevin Hobby of Models R Us. "It was a size 11 and when we simulated it on our balsa model of Europe it caused no end of damage. We're still tidying up the office three days after."

Tracey Sharon, a secretary at Lloyd's Luddite managing agency said, "You wouldn't expect a storm called Cyril to cause so much damage would you? I've got an uncle Cyril?" Cont p205


Other news from Jan 2007
 
Travelating the Wave of Insurability
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