european windstorm

PERILS AG, the provider of industry-wide European catastrophe insurance exposure, data and indices, has announced a first estimate of insured property losses for European windstorm Tini of €245m and an updated loss estimate for windstorm Dirk of €352m.

The UK insurance industry is facing losses of £1.1 billion from this winters severe weather which saw strong European windstorms and heavy rainfall cause widespread damage and trigger devastating floods across the UK according to the ABI.

The record snowfall which affected Japan during the month of February is expected to be largest insurance industry loss event of the month and led total insured catastrophe losses for the month of February 2014 over $1 billion, according to Impact Forecasting.

Zurich based PERILS AG, a provider of industry-wide European catastrophe insurance exposure, industry loss data and indices widely used by insurance-linked securities issuers, has upped its loss estimate for European windstorm Xaver to €727m.

The procession of severe European windstorms continues to impact the UK and northern Europe, while severe flooding across the UK and northern France worsens, with financial losses for the insurance and reinsurance industry now rising fast.

The unprecedented winter weather affecting northern Europe has continued in recent weeks, as a result of which PERILS AG has added four more European windstorms and the recent severe UK floods to its list of events under investigation this winter.

Two Queen Street catastrophe bond transactions, sponsored by reinsurance firm Munich Re, have been downgraded by S&P over a heightened risk that investors will not receive back 100% of the outstanding principal amount at maturity.

Weather forecasters are warning that the UK could be facing its most severe European windstorm in decades over the next 24 hours, as a low pressure system named windstorm Ruth, dubbed Charlie by some of the UK media, intensifies as it approaches.

PERILS AG has announced its first estimate of insured property losses for December’s European windstorm Dirk this morning. PERILS initial estimate for windstorm Dirk is for an insured property market loss of €275m (approx $375m or £230m).

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.