$952 Million: PERILS Initial Loss Estimate for Windstorm Mike-Niklas

May 11, 2015

PERILS, the independent Zurich-based organization providing industry-wide catastrophe insurance data, has given an initial estimate for windstorm Mike-Niklas (Lentestorm in the Netherlands) of €853 million [$952 million].

“The combined storms caused significant damage across parts of Western and Central Europe, with Niklas being by far the stronger event,” PERILS explained. “The two storm systems occurred in rapid succession and affected similar regions within a 36-hour period.

“Given this fact, allocating specific insured losses to either of the named systems is in some instances not possible and as a result the event loss figure is provided on a combined basis.”
The majority of the losses were in Germany. Losses also occurred in Austria, Belgium, the Netherlands, Switzerland and the United Kingdom.

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 PERILS reporting schedule, an updated estimate of the Mike-Niklas market loss will be made available on 29 June 2015, three months after the event.

Edi Held, Head of Product at PERILS, commented: “There are two factors which distinguish Mike-Niklas from other events. Firstly, its late occurrence date during the European windstorm season and secondly, in Germany virtually every part of the country experienced damaging gusts in excess of 80 km/h. The last time Germany experienced damaging winds across such a broad area was during windstorm Kyrill in January 2007, although the winds then were even stronger.”

PERILS’ CEO Luzi Hitz added: “This first loss report for Mike-Niklas provides loss data per country and for the first time includes loss data for Austria. Subsequent reports issued three, six and twelve months after the event will include updated loss figures per country, with the latter two reports also including loss data per CRESTA Zone and property lines of business.”

Source: PERILS

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