Windstorm Egon’s Insurance Loss Estimate Rises to US$314.7M: PERILS

The estimated property insurance losses for Windstorm Egon, which hit France and Germany on Jan. 12-13, 2017, have been revised upwards to €275 million ($314.7 million) by PERILS AG, the independent Zurich-based company that provides industry-wide catastrophe insurance data.

The previous loss estimate issued by PERILS in April was €234 million ($267.8 million).

In its latest and third loss report for Egon, the market loss data are available by CRESTA zone, property line of business, and by coverage type such as building or contents coverage, PERILS said.

This detailed loss footprint information is complemented by gust speed values and loss ratios which show the incurred loss from Egon as a percentage of the sums insured, the company added.

With a market loss of €275 million, Windstorm Egon ranks as a moderate event, said PERILS, noting that a loss of this size is expected to occur at least once a year in Europe.

PERILS said the loss footprint for Egon “is unique and provides valuable new insight into the damage to insured property caused by European windstorms,” while also adding new data points for the calibration of existing risk models.

“The market loss footprint for Egon has been produced by collecting detailed loss data from affected insurance companies,” commented Luzi Hitz, CEO of PERILS.

In line with the PERILS loss reporting schedule, the fourth loss estimate for Egon will be released on 12 January 2018, 12 months after the event.

Source: PERILS

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Article source: http://www.insurancejournal.com/news/international/2017/07/13/457505.htm