PERILS ups industry loss estimate for windstorm Ciarán to €1.94 billion

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Zurich-based catastrophe insurance data provider PERILS has disclosed its second industry loss estimate for extratropical windstorm “Ciarán”, also known as “Emir”, upping the figure to €1,937 million.

perils-ag-logoThis updated estimate is based on claims data collected from affected insurance companies in France, Belgium, the United Kingdom, and the Netherlands, and compares to the initial loss estimate of €1,889 million, which was issued by PERILS on 15 December 2023, six weeks after the event end date.

In line with the PERILS coverage definition for Europe, the loss numbers cover the property line of business.

The catastrophe insurance data provider noted that most losses occurred in France, followed by the United Kingdom and Belgium.

Outlining the particulars of the event, PERILS said, “Windstorm Ciarán was characterised by a narrow band of extreme winds over the English Channel which extended to the north and especially to the south of the Channel.

“They impacted northern France, southern England, Belgium, and the Netherlands. In France, wind speeds reached levels not seen since the Great Storm of 1987, with a gust of 207 km/h measured at the Pointe du Raz promontory in Brittany. Similarly, extreme wind speeds were reported over Normandy and the Channel Islands.

“In France, industry losses reached a level not seen from a windstorm since Windstorm Klaus in 2009. However, the industry loss levels experienced in the United Kingdom, Belgium and the Netherlands were not unusual for an event of this kind.”

The post PERILS ups industry loss estimate for windstorm Ciarán to €1.94 billion appeared first on ReinsuranceNe.ws.

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