PERILS AG, a Swiss-based provider of industry-wide European catastrophe insurance industry loss data and indices, has published its third industry-wide insured loss estimate for European windstorm Tini, raising the figure to €281m.
European windstorm Tini, also known as Darwin in some countries of Europe, impacted the UK and Ireland on 12th and 13th February 2014, with the majority of the losses occurring in those two countries.
PERILS first estimate of industry-wide insured losses for European windstorm Tini was initially disclosed as €245m in March. PERILS then revealed a small increase to €253m, based on ultimate gross loss data as reported by primary insurance companies, in May.
The revised third estimate of property market insurance industry losses is a slightly larger increases to €281m (approx $375m).
Being the third scheduled loss estimate, the data on windstorm Tini is now available at an increased level of granularity. The market loss data is available at a higher resolution, with losses per CRESTA zone (two-digit postcode level) and per property line of business.
The granularity of the data now available to PERILS subscribers means that in combination with gust speed data and PERILS market sums insured, the windstorm Tini loss footprint can be used to validate European wind risk models with actual data.
In line with PERILS reporting schedule the fourth loss estimate for European windstorm Tini will be made available on the 12th February 2015.
Update on all European catastrophe events investigated by PERILS AG from this winter:
|Event name||Event start date||Peril||Status||Estimate|
|Ev||14 Mar 2014||Windstorm||Non-qualifying|
|Ulla||14 Feb 2014||Windstorm||Non-qualifying|
|Tini||12 Feb 2014||Windstorm||Qualifying||€281m|
|UK Floods||Various – Jan/Feb 2014||Flood||Non-qualifying|
|Ruth||08 Feb 2014||Windstorm||Non-qualifying|
|Qumaira||06 Feb 2014||Windstorm||Non-qualifying|
|Petra||04 Feb 2014||Windstorm||Non-qualifying|
|Nadja||31 Jan 2014||Windstorm||Non-qualifying|
|Christina||05 Jan 2014||Windstorm||Non-qualifying|
|Anne||02 Jan 2014||Windstorm||Non-qualifying|
|Gerhard||01 Jan 2014||Windstorm||Non-qualifying|
|Felix||30 Dec 2013||Windstorm||Non-qualifying|
|Erich||26 Dec 2013||Windstorm||Non-qualifying|
|Dirk||23 Dec 2013||Windstorm||Qualifying||€370 million|
|Bernd||18 Dec 2013||Windstorm||Non-qualifying|
|Xaver||05 Dec 2013||Windstorm||Qualifying||€759 million|
|Christian||27 Oct 2013||Windstorm||Qualifying||€1.091 billion|