PERILS increases loss estimate for European windstorm Xaver

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Zurich based PERILS AG, a provider of industry-wide European catastrophe insurance exposure, industry loss data and indices widely used by insurance-linked securities issuers, has upped its loss estimate for European windstorm Xaver to €727m.

When PERILS first reported on European windstorm Xaver six weeks ago, which struck Western and Northern Europe on the 5th and 6th December 2013, its initial loss estimate was €680m (approximately $925m or £565m).

Its second estimate, released yesterday, increases the estimate to €727m (approximately $1 billion or £600m)

The bulk of the losses caused by windstorm Xaver occurred in Denmark, Germany, Norway, Sweden, the Netherlands and the UK.

On its own Xaver is not a major loss for insurers and is unlikely to affect reinsurance firms but added to the rest of the European wind and winter storm impacts as well as the UK flooding will begin to hit some primary insurers and seep into reinsurance programs in some areas.

A third loss estimate for windstorm Xaver will be published on 5th June 2014.

An updated list of the events which have been investigated by PERILS AG this winter season, as well as the reported losses on qualifying events, can be found below. Two new events have been added since our last update to this list, windstorms Tini and Ulla.

Event nameEvent start datePerilStatusEstimate
Ulla14 Feb 2014WindstormNon-qualifying
Tini12 Feb 2014WindstormUnder investigation
UK FloodsVarious – Jan/Feb 2014FloodUnder investigation
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€275 million
Bernd18 Dec 2013WindstormNon-qualifying
Xaver05 Dec 2013WindstormQualifying€727 million
Christian27 Oct 2013WindstormQualifying€1.068 billion
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