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PERILS revises loss estimate for windstorm Mike-Niklas to 826 million euros


September 29, 2015   by Canadian Underwriter


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PERILS, the independent Zurich-based organization providing industry-wide catastrophe insurance data, has disclosed its third loss estimate for windstorm Mike-Niklas – a property insurance market loss of 826 million euros.

The revised estimate, released on Tuesday, compares to PERILS’ second loss estimate of 895 million euros, issued on June 29. The initial loss estimate, in May, was 853 million euros. [click image below to enlarge]

The combined storm system of Mike-Niklas caused significant damage across parts of western and central Europe between March 29 and April 1

The combined storm system of Mike-Niklas caused significant damage across parts of western and central Europe between March 29 and April 1. Niklas, which is also known as Lentestorm in the Netherlands, was by far the stronger of the two storms, PERILS added in a press release.

In line with the PERILS loss reporting schedule, the fourth loss estimate for Mike-Niklas will be published on March 29, 2016.

“The third loss report for Mike-Niklas provides market loss data per CRESTA zone and property line of business,” Luzi Hitz, CEO of PERILS, said in the release. “In combination with the PERILS market sums insured and gust speed data, the loss footprint is ideally suited for market benchmarking and to calibrate European wind risk models using actual data.”

In the case of Mike-Niklas, Hitz added, this is of particular benefit to the German market where the vast majority of the insured losses occurred and “where virtually no region remained loss-free. In fact, Mike-Niklas represents the biggest windstorm market loss for Germany since windstorm Kyrill in January 2007.”


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