PERILS AG, the independent Zurich-based company providing industry-wide European catastrophe insurance data and loss indices, has updated the insured loss estimate for European windstorm Joachim, which occurred from 15 – 17 December 2011 in Western Europe. The first estimate, published at the end of January, pegged the insured loss estimate for windstorm Joachim at €300m.
PERILS have published their update to the loss estimate as they said they would on the 15th March. The insured loss estimate for windstorm Joachim has reduced by €11m to €289m. A third, and likely final, loss estimate will be published on the 15th June.
At €289m Joachim is unlikely to trouble any cat bonds or even any ILW transactions currently in the marketplace. We’re not sure at this time whether it could qualify as an event under the terms of any aggregate cat bond deals. This would likely become clear only once a final loss estimate was released, but as there have been no rating warnings on any European windstorm cat bonds we feel it’s unlikely to happen.
Subscribe for free and receive weekly Artemis email updates
Sign up for our regular free email newsletter and ensure you never miss any of the news from Artemis.