Catastrophe risk modeling firm EQECAT announced that it has developed an “event footprint for wind storm Xynthia”, which caused considerable damage along the western coast of Europe from 26 to 28 February [See IJ web site - http://www.insurancejournal.com/news/international/2010/03/01/107736.htm]
Based on EQECAT’s analysis, wind losses for the affected countries are estimated as follows:
– Mean damage: €1.3 billion (approximately $1.8 billion) — Mean insured gross loss: €994 million (approximately $1.4 billion)
– Approximate loss breakdown per country: France (65 percent), Germany (25 percent), Benelux (10 percent)
EQECAT explained that its “wind storm footprint generation methodology is based on an interpolation of measured local gust wind speed maxima from around 700 meteorological stations in Europe. Local conditions, such as roughness and elevation, are taken into account using EQECAT’s EurowindTM ‘Wind Modifier’ to arrive at a final footprint.
As indicated the above figures apply to Belgium, Netherlands, and Luxembourg, but do not include Portugal and Spain, as they are not a part of the Eurowind model.
EQECAT added that it will “provide clients with an estimate for sea surge damage for Vendée and Charente-Maritime once reliable data has been assessed and analyses completed.”
Source: EQECAT – www.eqecat.com
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