Cyclone in France causes $203 million in insured lossesReprints
Cyclone Zeus, a low-pressure system that primarily affected France in early March, caused an estimated insured property market loss of €192 million ($203.4 million), according to Perils A.G.
The system caused wind gusts up to 193 kilometers per hour (120 miles per hour) in the northern part of the country, the Zurich-based catastrophe loss data firm said Thursday in a statement.
“Although our market loss estimate fell short of Perils’ reporting threshold of €200 million, we nevertheless decided to capture Zeus as a qualifying event,” Eduard Held, head of products, said in the statement. “Given its exceptionally high gust values, it will add valuable loss data to the Perils database, allowing subscribers to derive vulnerability information for France for wind speeds exceeding 30 (meters per second).”
The organization said it will release an updated loss estimate on June 6.