Canadian Underwriter

Final property market loss estimate for Europe’s windstorm Elon-Felix totals 329 million euros: PERILS

January 8, 2016   by Canadian Underwriter

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Windstorm Elon-Felix, which affected western and northern Europe in January 2015, resulted in a final loss estimate of 329 million euros, according to PERILS AG, a Zurich-based insurance industry initiative that provides exposure and event loss data.

Issued on Friday, the fourth and final PERILS property market loss estimate for Elon-Felix is 329 million euros, compared to its third loss estimate of 328 million euros. The numbers were in line with the second estimate last April of 325 million euros and the original estimate of 328 million euros last February. [click image below to enlarge]

The fourth and final PERILS property market loss estimate for Elon-Felix was in line with its third estimate

“Elon-Felix is the first event of the European winter storm season 2014/2015 which exceeds the PERILS loss capturing trigger of 200 million euros,” Luzi Hitz, chief executive officer of PERILS, said in a statement last February. The estimate was based on ultimate gross loss data as reported by primary insurance companies and excludes losses indemnified by government schemes.

Related: 328 million euro initial loss estimate for windstorm Elon-Felix: PERILS

Elon-Felix struck western and northern Europe from Jan. 8 to 11, 2015. The majority of the losses from the windstorm – which consisted of two low-pressure systems occurring within 24 hours of one another and followed a very similar track – occurred in Denmark, Germany, Norway, Sweden and the United Kingdom.