PERILS ups industry loss estimate for Windstorm Ciarán to €2.04bn

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Zurich-based catastrophe insurance data provider PERILS has disclosed its third industry loss estimate for Extratropical Windstorm “Ciarán”, increasing the figure to €2.04 billion.

perils-ag-logoThe windstorm, also known as “Emir”, affected France, the United Kingdom, Belgium, and the Netherlands from 1st-2nd November 2023.

This new estimate compares to 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 cover the property line of business and are based on loss data collected from the affected insurers.

Christoph Oehy, Chief Executive Officer, PERILS, commented, “The detailed loss collection at CRESTA-level carried out in our third loss report for Extratropical Windstorm Ciarán is of particular interest due to the record high wind speeds in some regions of France and the Channel Islands that caused the losses.

“This type of data combined with PERILS Industry Exposure data provides new insights into the vulnerability of different lines of business and is an essential component of any Cat risk model as it links the physical intensity of events with the expected insurance losses.”

France represented the largest portion of the insured loss figure at €1.738 million, followed by the United Kingdom, Belgium and the Netherlands.

PERILS stated, “While overall losses were significant at €2.043 million, from a European perspective, Ciarán’s industry loss was not unusual as windstorm losses of this size can be expected to occur once every four years. For France alone, it was a rarer windstorm event with the loss level generated by Ciarán expected to be reached or exceeded once every twelve years.”

In line with the PERILS reporting schedule, a final estimate of the market loss from Windstorm Ciarán will be made available in November 2024, twelve months after the event end date.

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