PERILS AG, provider of industry-wide European catastrophe exposure, industry loss data and indices, has released an updated estimate of €335m for insurance industry losses from January’s European windstorms Elon-Felix.
Elon-Felix affected Western and Northern Europe from 8th to 11th January 2015, causing the majority of the insured losses to occur in the countries of Denmark, Germany, Norway, Sweden and the United Kingdom. storm is also known as Dagmar-Egon in Denmark and Sweden, and as Nina in Norway.
PERILS’ released an initial estimate of the insured industry-wide property market loss for Elon-Felix in February of €328m. Now, PERILS has updated that insurance industry loss estimate by 2% to €335m.
A third estimate of the insurance industry losses from Elon-Felix will be published in July, in line with PERIL’s reporting schedule.
At the current level of losses European windstorm Elon-Felix will not pose any threat to exposed catastrophe bonds. However it could impact, or contribute to aggregate losses, for some reinsurance programmes, which as always can pose some risk to insurance-linked securities (ILS) funds and their investors (due to collateralized reinsurance).
We will update you when the next estimate becomes available.