16 November 2017Insurance

Storm Xavier insured losses estimated at €291m: PERILS

The insured property losses caused by extratropical Cyclone Xavier is estimated at €291 million, according to the initial estimate released by the European catastrophe insurance data provider PERILS.

Xavier brought gale force winds and rain across northern Germany on Oct. 5, triggering Category 3 storm warnings for much of northern and eastern Germany.

Damaging gusts occurred along a narrow corridor approximately 250 km wide which affected the states of Hamburg, Lower Saxony, Saxony-Anhalt, Brandenburg and Berlin. Apart from the damage of several million euros, the violent storm also caused the deaths of seven people in Germany.

PERILS stated that an updated estimate of the Xavier market loss will be made available on Jan. 5, 2018, three months after the event.

Georg Andrea, head of data management at PERILS, commented: "Given the storm’s early occurrence in the European winter storm season, a significant part of the damage was caused by falling trees which still had leaves on them.

"Given the unusual characteristics of the Xavier event, the storm will add valuable loss data to the PERILS Database, allowing users to derive season-dependent vulnerability information for Germany."

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More on this story

9 October 2017   Storm Xavier will cost German insurers around €150 million and €200 million, according to German consultancy firm Meyerthole Siems Kohlruss (MSK).
5 January 2018   European catastrophe insurance data provider PERILS has disclosed its second loss estimate for windstorm Xavier which affected Germany on October 5 last year, causing a damage of millions of euros.