PERILS Puts Initial Loss Estimate for Windstorm Elon-Felix at $374 Million

PERILS, the independent Zurich-based organization that provides industry-wide catastrophe insurance data, announced that its initial loss estimate of the insured property market loss for windstorm Elon-Felix, which affected Western and Northern Europe from 8 to 11 January 2015, is €328 million [$374 million].

Elon-Felix is also known as Dagmar-Egon in Denmark and Sweden, and as Nina in Norway.
The majority of the losses occurred in Denmark, Germany, Norway, Sweden and the United Kingdom.

PERILS explained that “Elon-Felix consisted of two low pressure systems which occurred within 24 hours of each other and followed a very similar track. A clear allocation of the insured losses to either of the named systems is therefore in some instances not possible and as a result the event loss figure is provided on a combined basis.”

The announcement said the “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 Elon-Felix market loss will be made available by 8 April 2015, three months after the event start date.”

PERILS’ CEO Luzi Hitz commented: “Elon-Felix is the first event of the European winter storm season 2014/2015 which exceeds the PERILS loss capturing trigger of €200 million [$228.3 million].

“It was followed by windstorm Hermann (14-16 January 2015), which did not exceed the €200 million loss threshold. The main characteristics of Elon-Felix were the rapid succession of two low-pressure systems, generating strong winds which affected almost identical areas within 24 hours. As a result, the allocation of particular losses to an individual named depression system is in some cases unclear and the event loss is therefore reported on a combined basis.”

Source: PERILS

Topics Catastrophe Natural Disasters Profit Loss Windstorm