The insurance and perhaps reinsurance industry loss from European windstorm Nadia, also known as Malik, has been initially estimated at EUR 272 million by PERILS AG.
The catastrophe loss data aggregator said that windstorm nadia (Malik) will result in a moderate loss for the insurance industry.
It comes after a particularly vigorous European windstorm season this winter, as a jet stream pattern drove numerous low pressure systems towards northern Europe.
Nadia (Malik) was one of the more impactful of those, but far from the worst, with loss estimates for the series of windstorms experienced in February likely to be far higher.
Storm Nadia (Malik) affected Scotland, Northern Europe and Germany from 29 to 30 January 2022, PERILS said.
PERILS’ initial estimate of the insured property market loss for extratropical windstorm Nadia is EUR 272 million.
The company said that most of the losses were reported in Germany, which experienced more than half of the total insurance industry loss.
Despite very strong winds, losses in Denmark, Norway, Sweden and the UK were relatively minor.
Nadia (Malik) also affected Netherlands and Austria, where impacts were limited. Poland, the Czech Republic and Slovakia were also impacted, but these are territories which are not covered by PERILS.
We’re still waiting on a first loss estimate from PERILS for windstorms Dudley, Eunice and Franklin (Ylenia, Zeynep and Antonia), that hit in February.
Consensus suggests an industry loss in the range EUR 3.5 billion to EUR 5 billion for these storms, with reinsurance contracts expected to trigger and take a large share of the losses.
The winter 2021/2022 windstorm season in Europe has been the most damaging in years, with aggregate losses for the season expected to reach between EUR 5 and 10 billion.