Initial Insured Loss Estimate for Storm Thomas Is €213M ($222.7M): PERILS

The initial estimate of insured property market losses for extra-tropical cyclone Thomas, which hit the British Isles, the Netherlands, Belgium and Germany on Feb. 23-24, 2017, is €213 million (US$222.7 million), according to PERILS, the independent Zurich-based organization that provides industry-wide catastrophe insurance data.

The majority of the losses occurred in the UK and Germany, said PERILS in its initial loss estimate.

Describing the event, PERILS said, the low pressure system Thomas (also known as Doris in the UK) developed rapidly in the eastern North Atlantic during the evening of Feb. 22. After hitting Ireland and the UK on Feb. 23, Thomas moved to the southeast through Belgium, the Netherlands and Germany. The winds caused by Thomas reached a maximum gust value of 152 kilometers per hour (95 mph) over the British Isles in Capel Cruig (Wales), while over Germany maximum gusts of around 150km/h (93 mph) were recorded in the Harz and Erz Mountains.

PERILS’ market loss estimate for Thomas is based on ultimate gross loss data as reported by primary insurance companies. In line with the PERILS reporting schedule, an updated estimate of the Thomas market loss will be made available on May 23, 2017, three months after the event start date, the organization said.

“Thomas is the second European winter storm event in the winter season 2016/2017 – after Egon – which exceeds the PERILS loss capturing trigger of €200 million ($209 million),” commented Luzi Hitz, CEO of PERILS. “While the market loss from Thomas is again not market-changing, it nevertheless adds new information which supports the better quantification of European extra-tropical cyclone risk to the benefit of all industry stakeholders.”

Source: PERILS

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