Final Insured Losses for Europe’s Cyclone Burglind Reach €756M ($862.1M): PERILS

January 3, 2019

The final estimate of insured property losses from Europe’s Extratropical Cyclone Burglind, also known as Eleanor, have risen to €756 million ($862.1 million), according to PERILS, the independent Zurich-based organization that provides industry-wide catastrophe insurance data.

PERILS’ fourth and final estimate of the storm’s insured losses, issued 12 months after the event, compares to PERILS’ third loss estimate of €724 million ($825.6 million) issued on July 2, 2018. Burglind/Eleanor hit the British Isles and the European continent on Jan. 2-3, 2018.

The storm was named “Burglind” by the Free University of Berlin and “Eleanor” by the Irish and UK national weather services, said PERILS. Relative to its size, Switzerland was the country most affected by the event, with more than two-thirds of the country-wide insured values exposed to gust speeds in excess of 100 kilometers per hour (62 miles per hour).

While the incurred industry loss levels for the other countries affected were not unusual, in the case of Switzerland, the Burglind event loss level would be expected to be reached or exceeded once in approximately 14 years.

As for every final PERILS loss report, the market loss data for Burglind are available by CRESTA zone and property line of business. This 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.

PERILS bases its loss estimates on data collected from affected insurers.

Source: PERILS


Topics Profit Loss Europe

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