Zurich based PERILS AG, the provider of industry-wide European catastrophe insurance exposure, industry loss data and indices, has raised its estimate of insured property losses for October’s European windstorm Christian to €1.068 billion.
Six weeks ago PERILS issued its first estimate of industry wide insured property losses caused by European windstorm Christian, putting its initial estimate at €994m. In line with its reporting procedures, which call for updates to the estimate after six weeks, PERILS has gathered additional data on the insured losses from the storm and increased its estimate by 7.4%.
Windstorm Christian struck western and northern Europe from 27th to 29th October, causing widespread damage across a number of countries.
PERILS latest loss estimate for Christian of €1.068 billion equates to approximately $1.5 billion or £900m.
Windstorm Christian was the first major storm causing losses in Europe this windstorm season and, with the continued stormy weather, these events have the potential to erode any aggregate reinsurance layers. With PERILS having nine storms to investigate in total, the toll from the European windstorm season is mounting.
A third loss estimate for windstorm Christian will be published on the 27th April.