Extratropical cyclone Sabine insured loss estimated at €1.55bn: PERILS
Zurich-based catastrophe insurance data provider PERILS has revealed its initial loss estimate for extratropical cyclone Sabine, also known as Ciara and Elsa. The storm is said to be the costliest event for the peril since Friederike in January 2018.
PERILS’ initial estimate of the insured property market loss for extratropical cyclone Sabine, based on claims data collected from affected insurance companies, is €1.55 billion.
The event affected the British Isles, and Western and Central Europe from February 9 to 11, 2020. The majority of insurance losses were reported in Germany, followed by the Benelux countries, France, the UK, Switzerland, Austria and Denmark. Despite having been hit by very strong winds, the Republic of Ireland suffered comparably minor insurance losses, as was the case for Norway and Sweden. In total, Sabine resulted in the deaths of 14 people across Europe.
"While the level of the market event loss resulting from Sabine is material, it is not unusual," PERILS noted. "Based on the last 40 years of European windstorm loss history, such a level can be expected to be reached or exceeded approximately once every three years."
An updated estimate of the Sabine market loss will be revealed on 11 May 2020, three months after the event end date, PERILS said.
