The insurance and reinsurance industry loss estimate for European windstorm (or extratropical cyclone) Xavier, which hit Germany in October, has been increased by almost 12% to EUR 325 million by catastrophe data loss aggregation and estimation firm PERILS AG.
In its first update on storm Xavier back in November, PERILS AG has pegged the initial estimate of insurance and reinsurance losses from the windstorm at EUR 291 million.
Now, with further information from the companies it aggregates catastrophe loss data from, PERILS has hiked its estimate to EUR 325 million.
Extratropical cyclone Xavier was a particularly fast-moving storm, which perhaps meant losses are lower than they could have been had the storm lingered. Still, the storm caused the deaths of seven people in Germany.
Having struck very early in the European winter storm season, many trees were still heavy with leaves and therefore more prone to being blown over than had the same winds occurred during the winter months.
PERILS’ estimate of the property insurance market loss for storm Xavier is based on loss data aggregated from affected insurers following the event. PERILS will provide a third estimate of the Xavier market loss on 5th April 2018.
The impact of storm Xavier’s market loss will largely be dealt with in the primary insurance market, with only a little of the total falling to reinsurance capital, although some of the major European reinsurance firms could take a little of the loss through their industrial and corporate underwriting arms.
The European windstorm season has continued apace, with the most recent storm Eleanor / Burglind estimated to be on track to cause the largest insurance or reinsurance market loss of the season so far, as we explained yesterday.
Join us on February 2nd in New York for our upcoming ILS conference
Subscribe for free and receive weekly Artemis email updates
Sign up for our regular free email newsletter and ensure you never miss any of the news from Artemis.