PERILS ups loss estimate for European windstorm Xynthia

PERILS AG, the independent Zurich-based company providing industry-wide European catastrophe insurance data, has issued its fourth and final update of its loss estimate for the European windstorm Xynthia which occurred on 28th February 2010. The PERILS loss reporting schedule dictates that the final loss reporting should be 12 months after the event.

PERILS revised estimate of the property insurance market loss for windstorm Xynthia is €1.32 billion. This is slightly higher than the initial loss estimate of €1.28 billion.

PERILS say that the slight change in estimate is due to the ‘net effect of upwards and downwards movements within individual countries, and demonstrates the robustness of the PERILS loss estimation methodology.’ This latest estimate excludes losses indemnified by the French CatNat scheme.