PERILS puts initial loss estimate for windstorm Christian at €994m

Zurich based PERILS AG, an independent provider of industry-wide European catastrophe insurance exposure, industry loss data and indices, has released its first estimate of industry wide insured property losses for October’s European windstorm Christian.

Windstorm Christian struck western and northern Europe from 27th to 29th October, causing widespread damage across a number of countries. The storm was named Christian by the Free University of Berlin, but St. Jude in the UK, Simone in Sweden and Oktoberstormen in Denmark.

PERILS’ initial estimate for the insured property market loss from European windstorm Christian is €994m ($1.35 billion or £830m). It said that the majority of the insured loss has occurred in Denmark, Germany and The Netherlands, with some losses also occurring in Belgium, Sweden and the UK.

European Windstorm Christian, maximum gust values in km/h - Source: PERILS AG

PERILS’ estimate of market-wide insured property losses is based on ultimate gross loss data reported to it by primary insurers and excludes losses indemnified by any government schemes. PERILS only reports on losses of €250m and above, it told Artemis on the 28th October that it would investigate Christian as a potential PERILS reported event.

Luzi Hitz, CEO of PERILS, commented: “The main characteristics of windstorm Christian were its early occurrence date in the European winterstorm season and the rapid speed with which the low pressure system travelled over the affected markets. Gust speeds were particularly high in the northern parts of The Netherlands and Germany, as well as in Denmark.”

Edi Held, Head of Sales & Products, added: “The loss and gust data relating to Christian, combined with the exposure data we have gathered for the markets affected, serves to further increase the value of the PERILS industry exposure and loss database, enhancing the ability of users to improve their understanding of the risk of European winter storms.”

In line with its typical reporting schedule, PERILS will provide its next update on the insured loss from European windstorm Christian by the 27th January 2014, three months after the event start date.

Other insurance industry loss estimates for European windstorm Christian:

– AIR: European windstorm Christian insured losses €1.5 billion to €2.3 billion

– Willis Re: Europe-wide windstorm Christian insured loss €800m to €1.3 billion

– Windstorm Christian insured losses $1.7bn to $2.9bn estimates Credit Suisse

– Willis Re: UK insured losses from windstorm Christian £300m to £500m