Windstorm Zeus loss estimate raised 40% to EUR269m by PERILS

by Artemis on June 6, 2017

The estimate of insurance and reinsurance market losses caused by European windstorm (extratropical cyclone) Zeus, which struck France in March, has been increased by 40% to EUR 269 million (US$303 million) by PERILS AG, the catastrophe loss data provider.

PERILS came out with an initial loss estimate for windstorm Zeus in April, when it pegged the storm’s impact on insurance and reinsurance market as EUR 192 million (US$204m).

Zeus struck France as one of a series of extratropical low-pressure systems located over the British Isles and Northern Europe. The storm became embedded in a strong jet stream which took Zeus rapidly across northern France and into northern Italy during the 6th and 7th March 2017.

The highest wind gust value recorded during Zeus, of 193km/h, was recorded in Camaret-sur-Mer in Brittany, France. In south-eastern France, gusts of 185 km/h and 157km/h were measured in St Raphael on the Côte d’Azur and Ajaccio in Corsica respectively.

With claims having continued to be filed and counted, with the wide area affected by Zeus likely making loss aggregation more difficult, the industry loss from Zeus has now risen significantly by 40% to this EUR 269 million.

Adding that to the other storms from the recent European windstorm season takes the total for the extra-tropical storm season in the region to EUR 752 million, made up of EUR 234 million for January’s windstorm Egon, EUR 249 million for February’s windstorm Thomas/Doris and the now increased EUR 269 million for Zeus.

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