19 February 2015 Insurance

PERILS estimates Elon-Felix losses at €328m

PERILS, the Zurich-based organisation that provides catastrophe insurance data, has released its initial loss estimate for windstorm Elon-Felix.

The initial estimate for the windstorm is €328 million. The majority of the losses occurred in Denmark, Germany, Norway, Sweden and the UK.

Elon-Felix affected Western and Northern Europe from January 8 to 11, 2015. Elon-Felix is also known as Dagmar-Egon in Denmark and Sweden, and as Nina in Norway.

Elon-Felix consisted of two low-pressure systems which occurred within 24 hours of each other and followed a very similar track. PERILS said that a clear allocation of the insured losses to either of the named systems is therefore in some instances not possible and as a result the event loss figure is provided on a combined basis.

PERILS’ market loss estimate is based on ultimate gross loss data as reported by primary insurance companies and excludes losses indemnified by government schemes.

In line with its reporting schedule, an updated estimate of the Elon-Felix market loss will be made available by April 8, 2015, three months after the event start date.

Luzi Hitz, chief executive officer of PERILS, said: “Elon-Felix is the first event of the European winterstorm season 2014/2015 which exceeds the PERILS loss capturing trigger of €200 million. It was followed by windstorm Hermann (14-16 January 2015) which did not exceed the €200 million loss threshold.

“The main characteristics of Elon-Felix were the rapid succession of two low-pressure systems, generating strong winds which affected almost identical areas within 24 hours. As a result, the allocation of particular losses to an individual named depression system is in some cases unclear and the event loss is therefore reported on a combined basis.”

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