PERILS, catastrophe insurance data specialist, believes that Windstorm Xaver, which affected Western and Northern Europe in early December last year, will cost the industry some €680 million.
Windstorm Xaver is also known as Sinterklaasstorm in the Netherlands, Bodil in Denmark and Sven in Sweden.
The majority of the losses occurred in Denmark, Germany, Norway, Sweden, the Netherlands and the UK. PERILS’ market loss estimate is based on ultimate gross loss data as reported by primary insurance companies and excludes losses indemnified by government schemes.
In line with the PERILS reporting schedule, an updated estimate of the Xaver market loss will be made available by 5 March 2014, three months after the event start date.