PERILS, the independent Zurich-based organization that provides industry-wide catastrophe insurance data, has issued its initial loss estimate for windstorm Christian, which affected Western and Northern Europe from 27 to 29 October, 2013. The storm is also known as St. Jude (UK), Oktoberstormen (Denmark) and Simone (Sweden).
PERILS’ initial estimate of the insured property market loss for Christian is €994 million [$1.358 billion]. The majority of the losses occurred in Denmark, Germany and The Netherlands, with losses also occurring in Belgium, Sweden and the UK.
PERILS said its “market loss estimate is based on ultimate gross loss data as reported by primary insurance companies and excludes losses indemnified by government schemes.
“In line with the PERILS reporting schedule, an updated estimate of the Christian market loss will be made available by 27 January 2014, three months after the event start date.”
Christian occurred from the 27th to the 29th of October 2013. It moved rapidly from the south of the United Kingdom in a north-easterly direction over the North Sea into Scandinavia. On its path, the storm caused significant losses in the UK, Belgium, The Netherlands, Germany, Denmark and Sweden.
PERILS’ CEO Luzi Hitz commented: “The main characteristics of windstorm Christian were its early occurrence date in the European winter storm season and the rapid speed with which the low pressure system travelled over the affected markets. Gust speeds were particularly high in the northern parts of The Netherlands and Germany, as well as in Denmark.”
Edi Held, Head of Sales & Products added: “The loss and gust data relating to Christian, combined with the exposure data we have gathered for the markets affected, serves to further increase the value of the PERILS industry exposure and loss database, enhancing the ability of users to improve their understanding of the risk of European winter storms.”