PERILS Estimates Windstorm Dirk Insured Losses at $371 Million

February 3, 2014

PERILS, the independent Zurich-based organization providing industry-wide catastrophe insurance data, announced that its initial insured property loss estimate for windstorm Dirk, which affected the UK and France from December 23rd to 25th, 2013, is €275 million [$371 million].

PERILS said the “majority of the losses occurred in Southern England in the UK and in Brittany and Normandy in France. PERILS’ market loss estimate is based on ultimate gross loss data as reported by primary insurance companies and excludes losses indemnified by government schemes such as ‘CatNat’ in France.”

In line with the PERILS reporting schedule, an updated estimate of the Dirk market loss will be made available by the 23rd of March 2014, three months after the event start date.

PERILS added the following synopsis for the storm: “The Dirk depression formed over Newfoundland on 22 December 2013. It reached Western Europe on 23 December, where the first strong gusts were recorded in Ireland that afternoon.

“On Christmas Eve, the system reached its minimum pressure over land with a recorded 937mb at Stornoway, Isle of Lewis, off the north-west coast of Scotland. This was the lowest recorded value in the British Isles since 1886.

“From there, the system slowly moved in a north-easterly direction towards northern Norway. Gradually the depression began to fill, before finally dissipating on 27 December. The highest wind speeds occurred in the UK and in France where storm surge and heavy precipitation accompanying the storm led to localized flooding.”

Source: PERILS

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