6 December 2013 Insurance

PERILS estimates Windstorm Christian losses at €994 million

Catastrophe data provider, PERILS, has estimated insured property market losses for Windstorm Christian, which hit parts of Europe on October 27-29, at €994 million.

The majority of the losses occurred in Denmark, Germany and The Netherlands, with losses also occurring in Belgium, Sweden and the UK.

“The main characteristics of windstorm Christian were its early occurrence date in the European winterstorm season and the rapid speed with which the low pressure system travelled over the affected markets,” said Luzi Hitz, CEO of PERILS. “Gust speeds were particularly high in the northern parts of The Netherlands and Germany, as well as in Denmark.”

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

Windstorm Christian, which is also known as St Jude (UK), Oktoberstormen (Denmark) and Simone (Sweden), moved rapidly from the south of the UK in a north-easterly direction over the North Sea into Scandinavia.

Edi Held, head of sales & products, said: “The loss and gust data relating to Christian, combined with the exposure data we have gathered for the markets affected, serves to further increase the value of the PERILS industry exposure and loss database, enhancing the ability of users to improve their understanding of the risk of European winter storms.”

An updated estimate of the Christian market loss will be made available by January 27 2014.

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