PERILS increases European windstorm Christian loss report to €1.144B

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PERILS AG, a Swiss-based provider of industry-wide European catastrophe insurance industry loss data and indices, has published its fourth and final industry-wide insured loss estimate for European windstorm Christian, increasing it to €1.144 billion.

PERILS first estimate of industry wide insured property losses caused by European windstorm Christian from December put the initial estimate at €994m. The insured loss estimate was increased and at the next update in late January by 7.4% to €1.068 billion. The third estimate, issued in April 2014, added another 2.1%, lifting the total estimate of insured market property losses to €1.091 billion.

Now, at the scheduled fourth and final update of the estimated property insured losses from windstorm Christian (also known as the St Jude storm), PERILS has added almost 5% more, increasing the total estimate of insured market property losses from Christian to €1.144 billion.

Windstorm Christian struck western and northern Europe from 27th to 29th October 2013, causing widespread damage across a number of countries. It was the first of a series of strong and damaging windstorms to hit Europe during the winter season.

The final loss estimate for this storm 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.

Windstorm Christian was the first major storm of the busy winter 2013 European windstorm season, it was also the most severe in terms of losses and the only storm resulting in a one billion Euro plus insurance industry toll. We have yet to see a first event this winter which has deserved assessment.

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

Event nameEvent start datePerilStatusEstimate
Ev14 Mar 2014WindstormNon-qualifying
Ulla14 Feb 2014WindstormNon-qualifying
Tini12 Feb 2014WindstormQualifying€281m
UK FloodsVarious – Jan/Feb 2014FloodNon-qualifying
Ruth08 Feb 2014WindstormNon-qualifying
Qumaira06 Feb 2014WindstormNon-qualifying
Petra04 Feb 2014WindstormNon-qualifying
Nadja31 Jan 2014WindstormNon-qualifying
Christina05 Jan 2014WindstormNon-qualifying
Anne02 Jan 2014WindstormNon-qualifying
Gerhard01 Jan 2014WindstormNon-qualifying
Felix30 Dec 2013WindstormNon-qualifying
Erich26 Dec 2013WindstormNon-qualifying
Dirk23 Dec 2013WindstormQualifying€370 million
Bernd18 Dec 2013WindstormNon-qualifying
Xaver05 Dec 2013WindstormQualifying€759 million
Christian27 Oct 2013WindstormQualifying€1.144 billion
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