PERILS, the independent Zurich-based organization that provides industry-wide catastrophe insurance data, has released its third loss estimate for windstorm Mike-Niklas, which, lowers the estimated property insurance market loss from €895 million ($1.0 billion] to €826 million [$927 million].
The announcement noted that the “combined storm system of Mike-Niklas caused significant damage across parts of Western and Central Europe between 29 March and 1 April 2015. Niklas, which is also known as Lentestorm in the Netherlands, was by far the stronger of the two storms.
“For subscribers to the PERILS database, the market loss data in this third loss report are available at a higher level of granularity, with losses per CRESTA zone (two-digit postcode level) and property line of business. This is the first time that maximum gust values per CRESTA zone from the UK Met Office have been included.
“In line with the PERILS loss reporting schedule, the fourth loss estimate for Mike-Niklas will be published on 29 March 2016.”
PERILS’ CEO Luzi Hitz commented: “The third loss report for Mike-Niklas provides market loss data per CRESTA zone and property line of business. In combination with the PERILS market sums insured and gust speed data, the loss footprint is ideally suited for market benchmarking and to calibrate European wind risk models using actual data.
“In the case of Mike-Niklas, this is of particular benefit to the German market where the vast majority of the insured losses occurred and where virtually no region remained loss-free. In fact, Mike-Niklas represents the biggest windstorm market loss for Germany since windstorm Kyrill in January 2007.”
Edi Held, Head of Products at PERILS, added: “This third loss report for Mike-Niklas also contains, for the first time, maximum gust values per CRESTA zone from the UK Met Office. Going forward, our CRESTA-based loss reports will contain gust values from three different sources: the German Met Office (DWD), EuroTempest and the UK Met Office. In our view, this further increases the value of the PERILS database, especially in terms of validating vulnerability data.”
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