Canadian Underwriter

Final property market loss for windstorm Mike-Niklas estimated at 816 million euros

March 29, 2016   by Canadian Underwriter

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Windstorm Mike-Niklas, which affected parts of western and central Europe from March 29 to April 1, caused an estimated property market loss of 816 million euros, PERILS AG said on Tuesday.

The fourth and final loss estimate for the windstorm, compares to the third loss estimate of 826 million euros, issued on Sept. 29, 2015. The loss estimate was issued 12 months after the event, PERILS, a Zurich, Switzerland-based insurance industry initiative aimed at improving the availability of catastrophe insurance market data, noted in a release. It is available in full resolution by property sub-lines residential, commercial, industrial and agricultural. [click image below to enlarge]

The vast majority of losses from the windstorm occurred in Germany and, to a lesser extent, in Austria, Belgium, the Netherlands, Switzerland and the United Kingdom. Mike-Niklas represented the biggest windstorm market loss for Germany since windstorm Kyrill in January 2007, the organization said last September, adding that Niklas was by far the stronger of the two storms.

PERILS’ second loss estimate, in June 2015, was 895 million euros. The initial loss estimate, in May of that year, was 853 million euros.