PERILS, the independent Zurich-based organization providing industry-wide catastrophe insurance data, announced that its initial loss estimate for windstorm Xaver, which affected Western and Northern Europe on 5 and 6 December 2013, is €680 million [$925 million]. Windstorm Xaver is also known as Sinterklaasstorm in the Netherlands, Bodil in Denmark and Sven in Sweden.
The estimate is somewhat lower than the $963 million to $1.92 billion estimate made by AIR Worldwide.
PERILS noted that the “majority of the losses occurred in Denmark, Germany, Norway, Sweden, the Netherlands 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 its reporting schedule, PERILS will post an updated estimate of the Xaver market loss by the 5th of March 2014, three months after the event start date.
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