PERILS gives final €420m loss estimate for European windstorm Dirk

by Artemis on December 23, 2014

The final insurance industry loss estimate for European windstorm Dirk has been released at €420m by PERILS AG, the Zurich, Switzerland headquartered provider of industry-wide European catastrophe exposure, industry loss data and indices.

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 first loss estimate for Dirk, reported in February, was €275m. The estimate was increased to €352m in late March again in June to €370m.

Today’s fourth and final industry loss estimate for European windstorm Dirk, one year after the event itself in line with PERILS reporting procedure, puts the total property market loss at €420m, which is approximately $515m or £330m.

The final loss estimate for European windstorm Dirk is again available at a higher level of granularity, with losses per CRESTA zone (two-digit postcode level) and per property sub-lines of business, Residential, Commercial, Industrial and Agricultural.

The map below shows how the insurance industry loss from European windstorm Dirk was distributed.

European windstorm Dirk map showing market loss by Cresta Zone - Source: PERILS AG

European windstorm Dirk map showing market loss by Cresta Zone - Source: PERILS AG

After a its busiest winter season in 2013/14, there has yet to be a European windstorm event that has required assessment or reporting from PERILS AG this season. You can see just how prolific European windstorms were last year from the table of storm names below.

Update on all European catastrophe events investigated by PERILS AG from the winter 2013/14 windstorm season:

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 €420 million
Bernd 18 Dec 2013 Windstorm Non-qualifying
Xaver 05 Dec 2013 Windstorm Qualifying €763 million
Christian 27 Oct 2013 Windstorm Qualifying €1.144 billion

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