Zurich-based catastrophe insurance data provider PERILS has disclosed its fourth and final industry loss estimate for Extratropical Windstorm “Ciarán,” increasing the figure to €2.06 billion.
The windstorm, also known as “Emir,” impacted France, the United Kingdom, Belgium, and the Netherlands from November 1st to 2nd, 2023.
This new estimate compares to the €2.04 billion figure published in May 2024, the €1.94 billion figure published in February 2024, and the initial estimate of €1.9 billion released six weeks after the event.
These estimates encompass losses in the property line of business, based on data gathered from affected insurers.
The majority of the windstorm-related losses occurred in France, totalling €1.7 billion, marking the largest French windstorm loss since Windstorm Klaus in 2009. Losses were also significant in the British Channel Islands, Belgium, and the Netherlands.
Christoph Oehy, Chief Executive Officer, PERILS, commented, “While Windstorm Ciarán’s track meant that most of the losses were restricted to northern France and the Channel Islands, the industry loss was still considerable.
“It is easy to imagine that had the area of extreme winds been wider, or the storm tracked more to the south or north, many more insured assets would have been affected, and the industry loss would have been much bigger. As such Ciarán was a narrow escape and serves as an important reminder of the destructive power of European windstorms.”
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