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Perils AG has issued a final estimate of the insured property market loss from Cyclone Friederike, also known as David, at €1.672 billion ($1.91 billion).
The estimate is a slight decrease from the €1.675 billion released on July 17, 2018, but higher than the initial €1.465 billion estimate released on Feb. 28, 2018, and the €1. 629 billion estimate released on April 17, 2018.
The storm caused significant damage across the British Isles, Belgium, the Netherlands and Germany on Jan. 17 and 18, 2018, the Zurich-based catastrophe loss data company said Thursday in a statement.
Friederike happened exactly 11 years after windstorm Kyrill, which at the time generated a Europe-wide insured property market loss of €3.651 billion, according to Perils data.
While the market loss from Friederike is significant, the company estimates that there have been 11 European windstorm events in the past 40 years that would have exceeded this figure had they occurred today, Eduard Held, head of products at Perils, said in the statement.
“On this basis, we estimate that the Europe-wide market loss level of Friederike would be reached or exceeded on average once every three to four years,” he said. “For Germany and the Netherlands alone, however, the return periods for the respective market losses would be higher.”
Perils A.G. has raised its estimate of the insured property market loss from Cyclone Friederike, also known as David, to €1.675 billion ($1.960 billion).