Perils A.G. has increased its estimate of the property insurance market loss caused by extratropical cyclone Xavier to €325 million ($391.1 million).
The loss projection for the storm, which affected Germany in October, increased from the initial loss estimate of €291 million issued by Perils on Nov. 16, according to a press release published Friday by the Zurich, Switzerland-based catastrophe loss data company.
An updated loss estimate for Xavier will be published April 5.
Switzerland-based catastrophe insurance market data provider PERILS A.G. said that cyclone Herwart caused an estimated €252 million ($296.4 million) in insured and reinsured losses globally, Artemis.bm reports. The storm struck several countries in Europe including Austria, Germany, Denmark, Poland, the Czech Republic and Slovakia on Oct. 29.