Europe’s Windstorm Egon to Cost Insurers an Estimated US$223.3M: PERILS

The initial estimate of the insured property market loss for extra-tropical cyclone Egon, which hit France and Germany in January, is €212 million (US$223.3 million), according to PERILS, the independent Zurich-based organization that provides industry catastrophe insurance data.

While the majority of the losses occurred in France and Germany on Jan. 12 and 13, losses also occurred in Austria, Switzerland and the Benelux states, albeit to a much lesser extent, said PERILS.

The low-pressure system associated with Egon developed as a secondary low from a large depression named Dieter and traveled rapidly in an easterly direction over northern France and Germany, explained PERILS, noting that high winds in the south of the system predominately affected northern and central France, as well as central and southern Germany. The cold front associated with Egon also resulted in heavy rain and snowfall.

PERILS’ market loss estimate for Egon 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 Egon market loss will be made available on April 12, 2017, three months after the event start date.

“Egon is the first European windstorm to exceed our reporting threshold of €200 million [US$210.7 million] for this peril since Mike-Niklas in March 2015,” commented Luzi Hitz, CEO of PERILS.

“While the market loss from Egon is by no means dramatic, it nevertheless provides new data points which can be compared with past events and put into relation with the market sums insured data which we also provide,” Hitz added.

Source: PERILS

Topics Catastrophe Carriers USA Natural Disasters Windstorm Europe Germany