April 10, 2017 by Canadian Underwriter
The initial estimate of the insured property market loss from extra-tropical cyclone Thomas is 213 million euros, representing the second time so far this season that a European winter storm exceeded 200 million euro, Zurich-based PERILS reports.
The market loss estimate is based on ultimate gross loss data as reported by primary insurance companies, notes a statement late last week from PERILS, which provides industry-wide catastrophe insurance data.
The low-pressure system Thomas – also known as Doris in the United Kingdom – affected the British Isles, the Netherlands, Belgium and Germany from Feb. 23-24, 2017, PERILS reports. The majority of the losses were in the U.K. and Germany.
After developing rapidly in the eastern North Atlantic during the evening of Feb. 22, the firm points out, the winds subsequently “reached a maximum gust value of 152 km/h over the British Isles in Capel Cruig (Wales), while over Germany maximum gusts of around 150 km/h were recorded in the Harz and Erz Mountains.”
Extra-tropical cyclone Thomas “is the second European winter storm event in the winter season 2016-2017 – after Egon – which exceeds the PERILS loss capturing trigger of EUR 200 million,” PERILS CEO Luzi Hitz says in the statement.
High winds, which occurred to the south of the system, predominately affected northern and central France, as well as central and southern Germany. The cold front associated with Egon also resulted in heavy rain and snowfall, the firm noted.
“While the market loss from Thomas is again not market-changing, it nevertheless adds new information which supports the better quantification of European extra-tropical cyclone risk to the benefit of all industry stakeholders,” Hitz continues.
In line with the PERILS reporting schedule, an updated estimate of the Thomas market loss will be made available on May 23.