PERILS increases loss estimate for European windstorm Dirk to €370m

by Artemis on June 23, 2014

PERILS AG, the Swiss-based provider of industry-wide European catastrophe insurance industry loss data and indices, has disclosed an updated third industry-wide insured loss estimate for European windstorm Dirk, raising the figure to €370m.

Windstorm Dirk struck northern Europe, predominantly affecting the UK and France, from the 23rd to the 25th December. The majority of the losses reported by PERILS are from southern England in the UK as well as Brittany and Normandy in France.

PERILS initial loss estimate for Dirk, reported in February, was €275m. The estimate was increased to €352m in late March and this morning PERILS has released its third estimate, increasing the industry loss total to €370m, which is approximately $505m or £296m.

Being the third scheduled loss estimate, the data on windstorm Dirk is now available at a more granular level. The market loss data 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 Dirk 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 Dirk will be made available on the 23rd December 2014.

Map of European windstorm Dirk loss estimate:

European windstorm Dirk map of loss estimate

European windstorm Dirk map of loss estimate - Source: PERILS AG

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 €370 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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