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Catastrophe insurance market data provider Perils A.G. on Thursday put its initial estimate for the insured property market loss for last month’s extra-tropical Cyclone Egon at €212 million ($225.0 million).
“Egon is the first European windstorm to exceed our reporting threshold of (€200 million) for this peril since Mike-Niklas in March 2015,” Luzi Hitz, CEO of Zurich-based Perils, said in a statement.
The low-pressure system associated with Egon developed as a secondary low from a large depression named Dieter and traveled east rapidly over northern France and Germany on Jan. 12-13, Perils said in the statement.
At least two people were killed, thousands lost power, and more than 100 flights were cancelled, according to news accounts.
Perils said high winds that occurred to the south of the system predominately affected northern and central France, as well as central and southern Germany. The cold front associated with Egon also resulted in heavy rain and snowfall.
While the majority of the losses occurred in France and Germany, Perils said the impact was felt to a lesser extent in Austria, Switzerland and the Benelux states.
Perils said it plans to release an updated estimate of the Egon losses on April 12.
Switzerland-based catastrophe insurance market data provider Perils A.G. and Aon Benfield Group Ltd.'s Impact Forecasting unit have said that windstorm Egon that hit Europe in mid-January is likely to result in an insurance loss of over $100 million, Artemis.bm reports.
Impact Forecasting said that German actuarial company Meyerthole Siems Kohlruss expects Egon to have caused an insured loss of about $100 million in Germany alone.
Meanwhile, windstorm Barbara, which struck Europe on Dec. 25, 2016, is expected to have caused insurance loss of less than $213 million, sources said.