PERILS Ups Windstorm Andrea Losses to 335 Million Euros

PERILS AG upped insured loss estimates for a January’s Windstorm Andrea to 335 million euros, a 25 percent increase since the data consortium’s first estimate of 267 million euros issued a month following the storm.

The most recent estimate also represents a 8.4 percent increase from PERILS second loss estimate for Andrea released in April of 309 million euros.

PERILS will also now make Andrea loss data available per CRESTA zone and property line of business, according to a statement released Wednesday.

Windstorm Andrea struck Europe between January 4 and January 5, with a majority of the losses occurring in Germany with losses also being reported UK, France and Switzerland.

The storm was part of a cluster that ripped through Europe beginning in November of 2011, including windstorms Xaver, Yoda, Friedhelm, Joachim, Patrick and Ulli.

“While all of the six events that PERILS investigated during this period resulted in significant local damage, one has to bear in mind that the resulting market-wide property losses are still only small fractions of the potential industry loss resulting from a 1- in-250 year pan-European event, which could be in the tens of billions of Euros,” said PERILS head of sales and products Edi Held in a February statement regarding Andrea

The fourth loss estimate for Andrea will be issued in January 2013, PERILS added.

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