St Jude Storm: Insurer Warns Of Profit Damage

Shares in the country's biggest insurer, RSA, have tumbled more than 8% after it warned profits would be dented by the St Jude storm.

The storm, which ripped across northern Europe last week killing more than a dozen people - four of them in the UK - is estimated to have generated total claims against the insurance industry of more than £1bn.

Packing winds of hurricane strength St Jude, as it was named in the UK after the patron saint of lost causes, veered towards Scandinavia where it was known as Christian.

RSA said insured losses caused by the severe weather in Europe and flooding in Canada were "materially above assumptions" and that full-year returns to shareholders were likely to suffer.

Amsterdam was among the major European cities affected by the storm

The world's biggest reinsurer, Munich Re, and Europe's number one insurer, Allianz, have declined to estimate damage claims from Christian.

RSA had said in August it remained on track to meet full-year targets after absorbing the cost of claims from Canada's floods, though it conceded the impact would continue into the second half of 2013.

"We now expect 2013 return on equity to be below 10%," RSA said in its statement.

St Jude brought destruction to large parts of the southern half of Britain.

Hundreds of thousands of homes lost power and travel was disrupted by floodwater and fallen trees as the working week began.

There has been no official estimate placed on the damage to property in the UK.

The four people who died were all killed by falling trees.

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