Zurich-based organisation PERILS, known for providing industry-wide catastrophe insurance data, has revealed its second industry loss estimate for the Extratropical Windstorm Ciarán, also recognised as Emir.
The storm made its impact felt across France, Belgium, the UK, and the Netherlands from November 1 to 2, 2023.
Utilising claims data sourced from affected insurance companies, PERILS' updated estimate places the insured property market loss from the storm at EUR 1,937 million. This figure stands in comparison to the initial estimate of EUR 1,889 million, disclosed on December 15, 2023, approximately six weeks after the event concluded.
Adhering strictly to PERILS' coverage definition for Europe, these loss figures specifically pertain to the property line of business, with France taking the lead in losses, followed by the UK and Belgium.
In keeping with the PERILS reporting schedule, a revised estimate of the market loss stemming from Windstorm Ciarán (Emir) is scheduled for release on May 3, 2024 – six months after the event concluded. This third report will present loss information in the form of an industry loss footprint, breaking down losses according to CRESTA Zone and property line of business.
Additionally, PERILS verified that Windstorm Zoltan (also known as Pia) – impacting the UK, Norway, Denmark, the Netherlands, Germany, and Austria from December 21 to 23, 2023 – did not surpass the industry loss threshold of EUR 300 million for any single country or EUR 500 million Europe-wide. Consequently, the organisation will not be issuing a report on this event.
