Euro windstorm Victoria / Dennis industry loss raised 20% to EUR 344m

Share

The insurance and reinsurance market loss from February 2020’s European windstorm Victoria, also known as storm Dennis in the UK, is estimated to have risen by around 20% to EUR 344 million, according to PERILS AG.

storm-wind-wavesEuropean windstorm Victoria (Dennis) struck the British Isles and areas of north-western Europe between the 15th and 17th February 2020, coming just six days after windstorm Sabine (Ciara, Elsa) which caused a much larger loss of over EUR 1.6 billion.

Impacts across the UK, Germany and Belgium drove the majority of the industry loss with wind gusts recorded of up to 100km/h.

PERILS, the Zurich based aggregator of insurance and reinsurance market loss report data, pegged an initial estimate of the insured property market loss for extratropical cyclone Victoria (Dennis) at EUR 286 million back at the end of March.

Now, in its first update since, due to an enforced Covid-break from collecting re/insurer data, PERILS has increased its industry loss estimate for the storm by 20% to EUR 344 million.

PERILS industry loss estimate does not include any damage caused by flooding again, despite the fact Victoria (Dennis) exacerbated the flood situation in the UK at the time.

However, the industry-backed loss data aggregator said that it will be publishing a report on the February 2020 UK floods in the near future.

European windstorm Victoria was the thirteenth storm of a particularly active extratropical storm season in Europe.

PERILS explained, “Victoria originated over the US and initially consisted of multiple low-pressure vortices. It significantly strengthened after an explosive cyclogenesis which included a rapid deepening of its central air pressure to 920mB, one of the lowest values measured over the North Atlantic since records began more than 150 years ago. However, Victoria affected a much smaller area across the British Isles and western Europe than Sabine six days earlier. As a result, losses from Victoria were approximately five times lower but still added to the considerable weather-related claims toll during February 2020.”

———————————————————————
Artemis Live - ILS and reinsurance video interviews and podcastView all of our Artemis Live video interviews and subscribe to our podcast.

All of our Artemis Live insurance-linked securities (ILS), catastrophe bonds and reinsurance video content and video interviews can be accessed online.

Our Artemis Live podcast can be subscribed to using the typical podcast services providers, including Apple, Google, Spotify and more.

Print Friendly, PDF & Email

Artemis Newsletters and Email Alerts

Receive a regular weekly email newsletter update containing all the top news stories, deals and event information

  • This field is for validation purposes and should be left unchanged.

Receive alert notifications by email for every article from Artemis as it gets published.

Read previous post:
Irma industry loss creep triggers aggregate ILW for Blue Capital Re

The industry loss from 2017's hurricane Irma has continued to rise in recent weeks, with the latest increase having triggered...

Close