Extra-tropical cyclone Egon could cost more than €200m
PERILS, a company that provides catastrophe insurance data, has offered an initial loss estimate for extra-tropical cyclone Egon which affected France and Germany on 12 and 13 January 2017.
The low-pressure system associated with Egon developed as a secondary low from a large depression named Dieter and travelled rapidly in an easterly direction over northern France and Germany on 12 and 13 January 2017. High winds which occurred to the south of the system predominately affected northern and central France, as well as central and southern Germany. The cold front associated with Egon also resulted in heavy rain and snowfall.
PERILS’ initial estimate of the insured property market loss for Egon is €212 million. While the majority of the losses occurred in France and Germany, impacts were also felt in Austria, Switzerland and the Benelux states, albeit to a much lesser extent.
PERILS’ market loss estimate for Egon is based on ultimate gross loss data as reported by primary insurance companies. In line with the PERILS reporting schedule, an updated estimate of the Egon market loss will be made available on 12 April 2017, three months after the event start date.
Luzi Hitz, CEO of PERILS, said: “Egon is the first European windstorm to exceed our reporting threshold of EUR 200m for this peril since Mike-Niklas in March 2015. While the market loss from Egon is by no means dramatic, it nevertheless provides new data points which can be compared with past events and put into relation with the market sums insured data which we also provide. As such Egon will serve as another piece of knowledge with which to calibrate the industry’s view of European extra-tropical cyclone risk to reality.”
Today’s top stories
Profits tumble at Swiss Re yet growth surges
Greenlight Re heads back into profit as it resolves legacy issues
CFO of XL Group to retire; successor revealed
Alleghany enjoys solid growth but headwinds dent profits
Swiss Re group CUO quits to ‘start new chapter in life’
Did you enjoy reading this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
