Mike-Niklas windstorms could cost insurers €853m
Windstorms Mike and Niklas (called Lentestorm in the Netherlands), which caused significant damage across parts of Western and Central Europe, could cost insurers €853 million, according to PERILS, the catastrophe insurance data company.
The majority of the losses occurred in Germany but Austria, Belgium, the Netherlands, Switzerland and the UK were also affected.
The two storm systems occurred in rapid succession and affected similar regions within a 36-hour period. Given this fact, allocating specific insured losses to either of the named systems is in some instances not possible and as a result the event loss figure is provided on a combined basis, PERILS said.
The loss estimate is based on ultimate gross loss data as reported by primary insurance companies and excludes losses indemnified by government schemes. An updated estimate of the Mike-Niklas market loss will be made available on 29 June 2015, three months after the event start date.
Edi Held, head of Product at PERILS, said: “There are two factors that distinguish Mike-Niklas from other events. Firstly, its late occurrence date during the European windstorm season and secondly, in Germany virtually every part of the country experienced damaging gusts in excess of 80 km/h.
The last time Germany experienced damaging winds across such a broad area was during windstorm Kyrill in January 2007, although the winds then were even stronger.”
Luzi Hitz, CEO of PERILS, added: “This first loss report for Mike-Niklas provides loss data per country and for the first time includes loss data for Austria. Subsequent reports issued three, six and twelve months after the event will include updated loss figures per country, with the latter two reports also including loss data per CRESTA Zone and property lines of business. The datasets are made available via the PERILS Industry Exposure & Loss Database.”