Windstorm Egon insurance industry loss raised to EUR234m

by Artemis on April 12, 2017

The insurance and reinsurance industry loss caused by European windstorm (or extratropical cyclone) Egon, which struck France and Germany on the 12th and 13th January 2017, has been raised 10% to EUR 234 million, in the second estimate from PERILS AG.

Windstorm Egon developed as a secondary low, forming out of a large depression named Dieter. Egon then intensified and tracked rapidly across northern France and Germany on 12th and 13th January 2017.

Egon brought high winds, predominantly occurring to the south of the system, which affected northern and central France, as well as central and southern Germany, causing property and insured asset damage. Windstorm Egon’s cold front also resulted in heavy rain and snowfall.

The initial estimate of losses to insurance and reinsurance markets from Zurich-based PERILS AG was EUR 212 million as of the 23rd February 2017, but that figure has now been increased 10% to EUR 234 million.

It’s not a massive loss by any means, but significant enough for it to perhaps see some losses paid by reinsurance capital.

PERILS AG will provide a full resolution update, i.e. by CRESTA zone and by the property sub-lines Residential, Commercial, Industrial and Agricultural, and its third loss estimate on 12th July.

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