Europe’s Storm Dragi-Eberhard Cost Insurers €782M (US$882.9M): PERILS

March 9, 2020

PERILS, the independent Zurich-based organization that provides industry-wide catastrophe insurance data, disclosed its fourth and final loss estimate of €782 million (US$882.9 million) for Europe’s Extratropical Cyclone “Dragi-Eberhard.”

This compares to the previous PERILS’ loss estimate issued on Sept. 9, 2019 of €772 million (US$871.6 million).

Low-pressure system Dragi struck on March 10, 2019 and was immediately followed by Eberhard on March 10, said PERILS, noting that both systems were named by the Free University of Berlin.

Dragi was the weaker of the two systems, affecting mainly parts of Belgium, Northern Germany, Poland and northern parts of the Czech Republic, with gusts exceeding 100km/h (62 mph) only in elevated areas. Eberhard struck the British Isles early on March 10, 2019 and continued to move over an area that spanned France, the Benelux countries, Germany and Eastern Europe.

The resulting industry loss represented the largest windstorm loss of the 2018/2019 European extratropical cyclone season.

In this final PERILS loss report for Dragi-Eberhard, released 12 months after the event, the market loss data are made 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 Dragi-Eberhard as a percentage of the sums insured, said PERILS.

Future Reports

Looking ahead, PERILS also announced that it will report on extratropical cyclone Sabine, aka Ciara or Elsa, which affected Europe on Feb. 9-11, 2020, and that it is currently investigating the series of European extratropical cyclones following Sabine, including Victoria, aka Dennis, Xanthippe-Yulia, and Bianca-Charlotte, aka Jorge.

In Australia, PERILS is currently investigating the effects of the East Coast Low which mainly affected the states of New South Wales and Queensland in mid-February 2020.

PERILS also concluded its investigations into the earthquake which struck the provinces of Elazig and Malatya in eastern Turkey on Jan. 24, 2020, and into windstorm Petra which struck Austria, Germany and Switzerland on February 4, 2020. In both cases, the resulting property market loss does not exceed the PERILS loss-capturing trigger of €200 million ($225.8 million) and PERILS will therefore not report any further on these events.

Source: PERILS

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