PERILS Issues New Euro Storm Loss Estimates

PERILS AG has published property insurance loss estimates for five major European storm events not yet captured by the start-up’s database, according to a group statement.

The storms cited in the report date back to 1999 and include Anatol (1999), Lothar (1999), Martin (1999), Jeanett (2002) and Kyrill (2007).

The group already produced loss estimates for windstorms Klaus, which occurred in 2009, and 2010’s Xynthia.

“Our loss estimates for the five biggest storm events between 1999 and 2008 represent further evidence of our capabilities as an independent loss collector and market data provider,” said Peter Frei, head of data management at PERILS in the statement “Together with storms Klaus and Xynthia, our extensive industry loss database provides an accurate benchmarking tool for European storm models and hence contributes to the better understanding of European windstorm risk.”

The group statement added that losses covered by government insurance schemes — such as CatNat in France — are excluded from the loss estimates.

The largest loss estimate according to PERILS is attributed to 1999’s Lothar, an extratropical cyclone that hit Belgium, France, Germany, Luxembourg, Switzerland and caused EUR 5.768 billion in insured losses.

2007’s Kyrill came in second, with insured losses of EUR 3.651 billion in Belgium, France, Germany, Ireland, Luxembourg, the Netherlands, Switzerland and the United Kingdom.

Great! You’ve successfully signed up.

Welcome back! You've successfully signed in.

You've successfully subscribed to Risk Market News.

Success! Check your email for magic link to sign-in.

Success! Your billing info has been updated.

Your billing was not updated.