PERILS, the provider of catastrophe insurance data, has released its fourth and final loss estimate for the series of windstorms that swept through Europe from February 16-21, 2022.
The windstorm series was comprised of three storms – named Ylenia, Zeynep and Antonia by the Free University of Berlin, and Dudley, Eunice and Franklin by the UK Met Office.
For its final loss estimate for the windstorm series, PERILS has pegged projected insured property market loss at EUR 3,851 million, based on claims data collected from affected insurers. By comparison, PERILS’ previous loss estimates were EUR 3,739 million, EUR 3,610 million and EUR 3,289 million, which were released six months, three months, and six weeks after the catastrophe events, respectively.
A total of 1.9 million insurance claims were filed in the wake of the windstorm series, PERILS said. The firm also noted that based on an actuarial analysis of European windstorm losses since 1979, a loss the size of EUR 3,851 million is reached or exceeded about once every eight to nine years.
PERILS noted that most of the losses occurred in Germany, followed by the Benelux states, the United Kingdom and France. Minor losses were also recorded in Austria, Switzerland, and Denmark. It was mentioned that both Poland and the Czech Republic were also affected but were not covered by PERILS’ loss survey.
In September, PERILS announced that it had expanded its insurance data services to cover the exposure and event loss details of European floods. The firm’s database will incorporate figures for industry-wide property sums insured exposed to flood in Austria, Belgium, Denmark, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Norway, Sweden, Switzerland, and the UK.
