Insured Losses for Europe’s Storm Burglind/Eleanor Rise to €724M ($842.3M): PERILS

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The estimate of insured losses from Europe’s windstorm Burglind, also known as Eleanor, have risen to €724 million (US$842.3 million), according to PERILS, the Zurich-based organization that provides industry-wide catastrophe insurance data.

This third loss estimate from PERILS has risen from its second loss estimate of €680 million which was issued on April 3, 2018. PERILS’ loss evaluations are based on actual loss data collected from affected insurance companies.

The extratropical cyclone caused significant damage across Austria, Belgium, France, Germany, Ireland, Luxembourg, the Netherlands, Switzerland, and the United Kingdom between Jan. 2-3, 2018.

Extratropical Cyclone Burglind affected a particularly vast area, extending from the British Isles into Western Europe. The majority of the incurred insurance losses were reported in France, Germany and Switzerland. In Switzerland in particular, Burglind was an exceptional storm, generating insured loss levels that have not been recorded since Windstorm Lothar in 1999.

In this third loss report, the market loss data are available by CRESTA zone and property line of business for all affected countries. The loss footprint information is complemented by gust speed values and loss ratios which show the incurred loss from Burglind as a percentage of the sums insured.

In line with the PERILS reporting schedule, a fourth estimate of the Burglind market loss will be made available on 2 January 2019, twelve months after the event start date.

Source: PERILS