Storm Xavier insured losses rise to €325m

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.

The revised estimate of the property insurance market loss is €325 million. This compares to an initial loss estimate of €291 million which was issued by PERILS on November 16.

The extratropical cyclone brought gale force winds and rain, 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.

In line with the PERILS loss reporting schedule, the third loss estimate for Xavier will be released on April 5, 2018, six months after the event. The third and following loss estimates will be provided in full resolution, i.e. by CRESTA zone and by property lines of business, it said.

Join us at Intelligent Automation in Insurance - London 2018.  Book by Jan 31st and you could save £400.

More of today's news

California Insurance Commissioner seeks to address wildfire risk

Genworth-China Oceanwide look to allay concerns of US security panel

AI company targeting P/C raises $11.5m from PE firm

Insurers must embrace the reality of cyber – AXIS Insurance cyber boss

AM Best keeps stable outlook on US personal lines P/C segment

Don't miss our insurtech email newsletter - sign up today