Estimated loss from Europe’s windstorm Mike-Niklas 853 million euros

PERILS has put its initial estimate for insured losses in the wake of windstorm Mike-Niklas – which combined to cause significant damage across parts of western and central Europe – at 853 million euros.

The two events occurred in rapid succession and affected similar regions within a 36-hour period from Mar. 29 to Apr. 1, although Niklas was, by far, the stronger event, reports PERILS, an independent organization that provides industry-wide catastrophe insurance data.

In light of the aforementioned factors, PERILS notes that “allocating specific insured losses to either of the named systems is in some instances not possible, and as a result, the event loss figure is provided on a combined basis.”

Related: Insured losses from cyclone Niklas in Europe estimated at 1.0 billion to 1.9 euros: AIR Worldwide

However, significant losses – based on ultimate gross loss data as reported by primary insurance companies and excluding losses indemnified by government schemes – occurred in Germany. To a lesser extent, there were losses in Austria (the estimate includes loss data for the first time), Belgium, the Netherlands, Switzerland and the United Kingdom. [click image below to enlarge]

“There are two factors which distinguish Mike-Niklas from other events,” notes Edi Held, head of product at PERILS, namely its late occurrence date during the European windstorm season and the fact that, in Germany, “virtually every part of the country experienced damaging gusts in excess of 80 km/h.”

Related: Germany could account for 75% of as much as 1.5 billion euros in insured losses from Windstorm Niklas: RMS

Held points out that the “last time Germany experienced damaging winds across such a broad area was during windstorm Kyrill in Jan. 2007, although the winds then were even stronger.”

PERILS reports that its next estimate of Mike-Niklas market loss is scheduled for release June 29.

Tempêtes Mike-Niklas en Europe : une facture de 853 M€ pour l’assurance http://t.co/qX9iO6LDy7 via @argusassurance pic.twitter.com/UhgUc0ugp0

— Michael Mahiddini (@MMahiddini) May 11, 2015