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Insured losses from Winter Storm Friederike could be as high as €2.60 billion ($3.22 billion) with several European countries affected by the storm, according to reports.
AIR Worldwide, the Boston-based catastrophe modeling firm, estimates that insured losses from Friederike’s winds will range from €1.30 billion to €2.60 billion ($1.61 billion to $3.22 billion), the company said in a statement Thursday.
AIR Worldwide said the bulk of the losses are expected in Germany, France, the United Kingdom, Belgium and the Netherlands. Some losses are also expected in Austria, the Czech Republic, Denmark, Estonia, Finland, Ireland, Latvia, Lithuania, Luxembourg, Norway, Poland and Sweden.
AIR Worldwide’s estimates reflect wind damage only to onshore residential, commercial and industrial properties; automobiles; agricultural properties; greenhouses in the Netherlands and Denmark; and forestry in Finland, Norway and Sweden, its statement said.
German and Dutch insurance associations have reported combined losses of at least €1.14 billion ($1.41 billion) from the storm, according to the weekly catastrophe report from Impact Forecasting, part of Aon Benfield Analytics.
Preliminary estimates from the German Association of Insurers put losses at roughly €500 million ($620 million) immediately after the storm, but these figures were raised to €1 billion ($1.24 billion) later on January 25.
The bulk of this, €900 million ($1.12 billion) is attributed to property damage, while about €100 million ($124 million) of losses resulted from damage to vehicles, Impact said.
The Dutch Insurance Exchange Association (VNAB) reported about 3,600 commercial claims expected to total some €30 million ($37.2 million), the Impact report said. According to preliminary estimates from the Dutch Association of Insurers (VVV), insured losses on property and motor will minimally reach €90 million ($111.6 million).
Further losses in the Netherlands are expected in the agricultural sector, Impact said, with a major insurer citing a loss of at least €20 million ($24.8 million). These figures are expected to rise in the next weeks, as further claims are filed, Impact added.
Friederike became the costliest windstorm to hit Germany since Windstorm Kyrill swept through the country on Jan. 18, 2007, exactly 11 years to the day before Friederike, Impact said in its report.
U.S.-based catastrophe modeling firm AIR Worldwide Corp. has found that the frequency and intensity of losses from weather phenomena including thunderstorms, wildfires and floods is likely to increase and affect the insurance sector, Artemis.bm reports. The need for risk capital will increase as well as the pricing of protection if the insurance, reinsurance and ILS industry remain aligned with any accepted change in exposure levels, the report said.