20 April 2015 Insurance

Windstorm Niklas could cost €1.5bn

Windstorm Niklas, the storm which swept through western and central Europe at the end of March, could cost up to €1.5 billion in property losses.

Catastrophe risk management firm estimated that insured property losses will fall between €750 million and €1.5 billion, with losses in Germany accounting for around three quarters of the total loss.

The loss estimate is based on hazard reconstruction using the recently released version 15 RMS Europe Windstorm Models.

Included in the estimate is damage to property, auto, forestry, agriculture and direct business interruption but excludes losses from damage to infrastructure. RMS said that losses from auto are not expected to exceed more than five percent of the total loss.

“RMS releases loss estimates only after we have gathered enough information to make an informed assessment,” said Brian Owens, senior director, model product strategy at RMS. “By conducting thorough ground reconnaissance we feed valuable insight into detailed modelling analysis of the event to produce a reliable loss estimate for our clients.”

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