PERILS, the independent Zurich-based organization providing industry-wide catastrophe insurance data, announced that its initial loss estimate for Windstorm Tini, also known as Darwin, which affected Ireland and the United Kingdom on February 12th and 13th, 2014, caused an insured property market loss of €245 million {$338 million].
PERILS said the “majority of the losses occurred in Ireland and the UK.” The market loss estimate is “based on ultimate gross loss data as reported by primary insurance companies.
In line with the PERILS reporting schedule, an updated estimate of the Tini market loss will be made available by 12 May 2014, three months after the event start date.
The bulletin also noted that Windstorm Tini, an extra-tropical cyclone, “caused significant damage across Ireland and the UK. Tini was one of a series of storms that impacted this region during the winter of 2013/2014. Strong winds affected large parts of Ireland, with peak gusts of well over 100 km/h [60mph] reported across most of the country.”
The highest gust in Ireland was 159 km/h [98.5 mph], recorded at Shannon Airport. The highest gust experienced in the UK was 180km/h [98.6 mph] registered at Great Dun Fell in England’s Pennine mountain range.
PERILS also updated its loss estimate for windstorm Dirk which affected the UK and France from the 23rd to the 25th of December 2013. The revised estimate of the property insurance market loss is €352 million [$486 million]. PERILS first loss estimate for Dirk was €275 million [$380 million]. PERILS will release its third loss estimate for Dirk on Jun 23rd.
Source: PERILS
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