Insured losses from Storm Ciarán (Emir in Germany) are estimated to be between €0.9 billion and €1.5 billion, according to risk modelling and solutions company Moody’s RMS.
Based on wind hazard reconstructions using the Moody’s RMS Europe Windstorm HD Models, the loss estimate spans damage to property, automobiles, agriculture, and direct business interruption.
Minor impacts from non-modelled sources of loss – such as coastal and inland flooding, and damage to forestry, ports, and watercraft – are also considered. Losses arising from infrastructure damage, which are not expected to be material, are not included.
Giovanni Leoncini, senior product manager at Moody’s RMS, said in an emailed release: “Windstorm Ciaràn can be thought of as a weaker sibling of 87J, the Great Storm of 1987, which severely affected the United Kingdom and Northwest France in October 1987.
“Even with lower gust speeds and a more limited extent compared to 87J, losses will still be significant for France. Despite the recent period of windstorm activity, the destruction now brought by Ciaràn reminds us of the importance of extra tropical cyclones for the (re)insurance industry.”
Affected countries earlier this month include Belgium, the UK, the Channel Islands, the Netherlands, Germany, and France, with the latter accounting for majority of the loss.
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