PERILS AG, the independent Zurich-based company providing industry-wide European catastrophe insurance data and loss indices,has published an updated loss estimate for European windstorm Andrea which hit western Europe on the 4th and 5th of January 2012, impacting Germany, UK, France, Benelux and Switzerland. The initial loss estimate that PERILS gave this storm back in February was for a market loss of €267m.
Now, after further analysis and collection of claims data, PERILS have increased the property market loss estimate for Andrea to €309m. A third loss estimate will be provided on the 4th July.
Again, as with all the European windstorms in this most recent season, Andrea is unlikely to trouble any exposed catastrophe bonds unless there are aggregate deals out there that the storm qualifies for. As we still haven’t seen any ratings warnings on European windstorm exposed cat bonds we feel it’s unlikely that this will happen.