European storm Egon loss estimate reaches €275m: PERILS
The insured property losses caused by extra-tropical cyclone Egon have reached €275 million, reveals a revised estimate by PERILS, the Zurich-based catastrophe insurance data provider.
PERILS has disclosed its third loss estimate for the cyclone, which affected France and Germany on 12 and 13 January 2017.
The revised estimate of the property insurance market loss are based on actual loss data collected from insurance companies. The third loss report is provided by CRESTA zone, property line of business, and by coverage type such as building or contents coverage.
With a market loss of €275 million, windstorm Egon ranks as a moderate event. A loss of this size is expected to occur at least once a year in Europe, according to the report.
"The market loss footprint for Egon has been produced by collecting detailed loss data from affected insurance companies," said Luzi Hitz, CEO of PERILS. "The preparation of this data requires considerable work on the part of these companies. We are extremely grateful for their continued support and remain committed to returning value in the form of high-quality industry data which helps them to manage their risk exposure to European windstorms."
The fourth loss estimate for Egon is expected to be released on 12 January 2018.
Did you enjoy reading this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.