Latest PERILS AG loss estimate for windstorm Mike-Niklas 895 million euros

PERILS AG reported Monday that its latest estimated property insurance market loss for the combined storm systems of Mike-Niklas in Europe this spring – the second of four estimates to be disclosed – is 895 million euros.

Mike-Niklas caused significant damage across parts of Western and Central Europe from Mar. 29 to Apr. 1, 2015, notes a statement from PERILS AG, an independent organization that provides industry-wide catastrophe insurance data. Niklas was by far the stronger storm.

Related: March windstorms caused billion-dollar damage across Europe: Impact Forecasting study

The 895 million euros estimate is up slightly from the company’s initial loss estimate of 853 million euros, issued May 11.

The two events occurred in rapid succession and affected similar regions within a 36-hour period, PERILS reported at the time. Significant losses occurred in Germany and, to a lesser extent, in Austria, Belgium, the Netherlands, Switzerland and the United Kingdom.

Related: Germany could account for 75% of as much as 1.5 billion euros in insured losses from Windstorm Niklas: RMS

“There are two factors which distinguish Mike-Niklas from other events,” Edi Held, head of product at PERILS said in May, namely its late occurrence date during the European windstorm season and the fact that, in Germany, “virtually every part of the country experienced damaging gusts in excess of 80 km/h.”

In line with the PERILS loss-reporting schedule, the third loss estimate for Mike-Niklas is scheduled to be published Sept. 29.