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


February 19, 2015   by Canadian Underwriter


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PERILS has issued an initial estimate of the insured property market loss for windstorm Elon-Felix, which hit parts of western and northern Europe in early January, at 328 million euros.

“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, says in a statement Thursday from the Zurich-based, independent organization that provides industry-wide natural catastrophe and claims data.

Insured property losses from windstorm Elon-Felix is estimated by PERILS AG at 328 million euros

The estimate is based on ultimate gross loss data as reported by primary insurance companies and excludes losses indemnified by government schemes.

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The Jan. 8-11 windstorm – known as Dagmar-Egon in Denmark and Sweden, and as Nina in Norway – consisted of two low-pressure systems that occurred within 24 hours of one another and followed a very similar track.

PERILS reports that the majority of the losses are in Denmark, Germany, Norway, Sweden and the United Kingdom. “A clear allocation of the insured losses to either of the named systems is, therefore, in some instances not possible, and as a result, the event loss figure is provided on a combined basis.”

Elon-Felix was followed by windstorm Hermann on Jan. 14-16, which did not exceed the 200 million euros loss threshold, Hitz says in the statement.

The market loss estimate for windstorm Elon-Felix is the first of four that will be released by PERILS. The company’s next updated estimate for the storm is scheduled to be released Apr. 8.


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