Loss Estimate for Europe’s Storm Friederike (aka DAVID) Rises to €1.7B ($2.0B): PERILS

The third insured loss estimate for extratropical Cyclone Friederike, also known as “David,” has risen to €1.675 billion ($2.0 billion), according to PERILS, the independent Zurich-based organisation that provides industry-wide catastrophe insurance data.

PERILS’ third estimate of the insured property market loss for Friederike, based on loss data collected from affected insurers, compares to PERILS’ previous loss estimate from April 17, 2018 of €1.629 billion ($2.0 billion).

The event caused significant damage across the British Isles, Belgium, the Netherlands and Germany on Jan. 17-18, 2018. The majority of the losses occurred in Germany and the Netherlands. The total market loss from Friederike is the highest since winter storm Klaus hit France on Jan. 24, 2009.

In line with the PERILS reporting schedule, an updated estimate of the Friederike market loss will be made available on 17 January 2019, 12 months after the event start date.

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 Friederike as a percentage of the sums insured.

Source: PERILS