PERILS increases European windstorm Xaver loss estimate to €759m

by Artemis on June 5, 2014

PERILS AG, the Swiss-based provider of industry-wide European catastrophe insurance exposure, industry loss data and indices, has disclosed its third industry-wide insured loss estimate for European windstorm Xaver, increasing it from €727m to €759m.

European windstorm Xaver struck Western and Northern Europe on the 5th and 6th December 2013, with the bulk of the losses caused by the storm occurring in Denmark, Germany, Norway, Sweden, the Netherlands and the UK. Windstorm Xaver is also known as Sinterklaasstorm in the Netherlands, Bodil in Denmark and Sven in Sweden.

PERILS initial loss estimate, released in January, for Xaver was €680m (approximately $925m or £565m), which it subsequently increased in March to €727m (approximately $1 billion or £600m).

In line with reporting procedures PERILS released its third estimate for the market-wide insured losses caused by Xaver this morning, reporting a small increase to €759m (approximately $1.035 billion or £617m).

Being the third scheduled loss estimate the data on Xaver is now available at a more granular level. The market loss data from this third loss report is available at a higher level of granularity, with losses per CRESTA zone (two-digit postcode level) and per property line of business.

The granularity of the data now available to PERILS subscribers means that in combination with gust speed data and PERILS market sums insured, the windstorm Xaver loss footprint can be used to validate European wind risk models with actual data.

In line with PERILS reporting schedule the fourth loss estimate for European windstorm Xaver will be made available on the 5th December 2014.

Map of European windstorm Xaver loss estimate:

European windstorm Xaver map of loss estimate

European windstorm Xaver map of loss estimate - Source: PERILS AG (click the image for a larger version)

Update on all European catastrophe events investigated by PERILS AG from this winter:

Event name Event start date Peril Status Estimate
Ev 14 Mar 2014 Windstorm Non-qualifying
Ulla 14 Feb 2014 Windstorm Non-qualifying
Tini 12 Feb 2014 Windstorm Qualifying €253m
UK Floods Various – Jan/Feb 2014 Flood Non-qualifying
Ruth 08 Feb 2014 Windstorm Non-qualifying
Qumaira 06 Feb 2014 Windstorm Non-qualifying
Petra 04 Feb 2014 Windstorm Non-qualifying
Nadja 31 Jan 2014 Windstorm Non-qualifying
Christina 05 Jan 2014 Windstorm Non-qualifying
Anne 02 Jan 2014 Windstorm Non-qualifying
Gerhard 01 Jan 2014 Windstorm Non-qualifying
Felix 30 Dec 2013 Windstorm Non-qualifying
Erich 26 Dec 2013 Windstorm Non-qualifying
Dirk 23 Dec 2013 Windstorm Qualifying €352 million
Bernd 18 Dec 2013 Windstorm Non-qualifying
Xaver 05 Dec 2013 Windstorm Qualifying €759 million
Christian 27 Oct 2013 Windstorm Qualifying €1.091 billion

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