PERILS Estimates Windstorm Andrea Property Losses at $350 Million

According to PERILS, the Zurich-based catastrophe data provider, initial loss estimates for property losses caused by windstorm Andrea, which struck Western Europe at the beginning of January, are €267 million [$350 million]. The majority of the losses occurred in Germany, while the UK, France, the Benelux states and Switzerland were also hit.

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.” The firm will publish an updated estimate of the Andrea market loss on April, 4.
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PERILS also announced that it will not report on windstorms Dagmar (also known as Patrick) and Ulli (also known as Emil) as the property market losses resulting from each of these events are expected to remain below its loss reporting threshold of €200 million [$262 million] per event in the eleven markets which it monitors.

Dagmar affected the Nordic countries in late December 2011, while Ulli, which occurred in early January 2012, mainly affected the UK, with losses also occurring in Denmark and the northern regions of France, Belgium, the Netherlands and Germany.

Edi Held, Head of Sales & Products at PERILS, commented: “Andrea was the last of a series of windstorms which impacted Europe between the end of November 2011 and the beginning of 2012. While all of the six events that PERILS investigated during this period resulted in significant local damage, one has to bear in mind that the resulting market-wide property losses are still only small fractions of the potential industry loss resulting from a 1-in-250 year pan-European event, which could be in the tens of billions of Euros.”

Source: PERILS

Topics Catastrophe Natural Disasters Profit Loss Windstorm Europe Property