Extra-tropical cyclone (or European windstorm) Thomas (also known as Doris in the UK) is estimated to have caused an industry loss impact to insurance and reinsurance markets of around EUR 213 million, according to PERILS AG.
Thomas impacted the British Isles, the Netherlands, Belgium and Germany on 23th and 24th February 2017, with strong winds resulting in maximum gusts as high as 152km/h in the UK and 150km/h in Germany.
PERILS’ pegs its initial estimate of property market loss to insurance and reinsurance due to Thomas at EUR 213 million, saying that most of the losses were seen in the UK and Germany.
The market loss estimate for Thomas is based on ultimate gross loss data reported by primary insurance companies. PERILS will provide an updated estimate of the Thomas market loss on 23rd May 2017, three months after the event start date.
Luzi Hitz, CEO of PERILS, commented; “Thomas is the second European winter storm event in the winter season 2016/2017 – after Egon – which exceeds the PERILS loss capturing trigger of EUR 200m. While the market loss from Thomas is again not market-changing, it nevertheless adds new information which supports the better quantification of European extra-tropical cyclone risk to the benefit of all industry stakeholders.”