Insured losses from Windstorm Eleanor rise
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Perils A.G. raised its estimate of the insured property market loss from cyclone Burglind, also known as Eleanor, to €724 million ($845.9 million).
In February, the Zurich-based catastrophe loss data company estimated insured losses from the storm, which caused significant damage across Austria, Belgium, France, Germany, Ireland, Luxembourg, the Netherlands, Switzerland and the United Kingdom on Jan. 2 and 3, at €643 million. That estimate was raised to €680 million in April.
The depression — named Burglind by the Free University of Berlin and Eleanor by the Irish and U.K. national weather services — affected a very large area across the British Isles and Western Europe, causing the deaths of at least six people in France, Perils said in a statement.
“Extratropical Cyclone Burglind affected a particularly vast area, extending from the British Isles into Western Europe,” the firm said Monday in the statement. “The majority of the incurred insurance losses were reported in France, Germany and Switzerland. In Switzerland in particular, Burglind was an exceptional storm, generating insured loss levels that have not been recorded since Windstorm Lothar in 1999.”
The organization will release an updated loss estimate for the storm on Jan. 2, 2019, Perils said in the statement.
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German actuarial consulting firm Meyerthole Siems Kohlruss expects storm Eleanor to cause around €500 million ($600 million) in insured and reinsured losses, Artemis reported. The storm is likely to cause around €200 million of insured losses in Germany alone, the firm said. The storm struck Ireland and the United Kingdom on Jan. 3, before moving to northern Europe, affecting Germany, France and the Benelux countries. The company expects storm Eleanor to cause the largest loss of the winter 2017/18 European storm season.
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