PERILS AG, the independent Zurich-based company providing industry-wide European catastrophe insurance data, has announced that its loss estimates for European windstorm Xynthia have risen in its latest update on loss development for the storm.
This is PERILS third loss estimate for the windstorm event which took place in February 2010. The latest figure puts market-wide insured losses for windstorm Xynthia at €1.3b, which is up from €1.27b which they reported in May this year.
PERILS also announced that this is the first time that windstorm loss estimates are available in a higher granularity with the losses worked out per CRESTA zone (two-digit postcode level) and also per property line of business. PERILS say that the research and development value of Xynthia’s loss footprint will serve to help validate European windstorm risk models with actual data.
Commenting on the loss figure, Luzi Hitz, CEO of PERILS, said: “This is the first time ever that actual industry loss data are available at CRESTA level for a Pan-European windstorm event. We are proud of this achievement and hope that it will contribute to improving the accuracy of European storm risk assessment.”
The increase in losses still shouldn’t worry holders of Euro wind catastrophe bonds as the increase has not yet been significant enough it is believed.