PERILS increases European windstorm Tini loss estimate to €281m

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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.

European windstorm Tini map of loss estimate footprint

European windstorm Tini map of loss estimate footprint - Source: PERILS AG

Update on all European catastrophe events investigated by PERILS AG from this winter:

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€1.091 billion
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