PERILS increases European windstorm Tini loss estimate to €281m

by Artemis on August 12, 2014

PERILS AG, a Swiss-based provider of industry-wide European catastrophe insurance industry loss data and indices, has published its third industry-wide insured loss estimate for European windstorm Tini, raising the figure to €281m.

European windstorm Tini, also known as Darwin in some countries of Europe, impacted the UK and Ireland on 12th and 13th February 2014, with the majority of the losses occurring in those two countries.

PERILS first estimate of industry-wide insured losses for European windstorm Tini was initially disclosed as €245m in March. PERILS then revealed a small increase to €253m, based on ultimate gross loss data as reported by primary insurance companies, in May.

The revised third estimate of property market insurance industry losses is a slightly larger increases to €281m (approx $375m).

Being the third scheduled loss estimate, the data on windstorm Tini is now available at an increased level of granularity. The market loss data is available at a higher resolution, 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 Tini 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 Tini will be made available on the 12th February 2015.

European windstorm Tini map of loss estimate footprint

European windstorm Tini map of loss estimate footprint - 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 €281m
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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