Final Insured Loss for Germany’s Cyclone Xavier in 2017 Estimated at €324M: PERILS

The final insured property market losses for Extratropical Cyclone Xavier, based on loss data collected from affected insurers, is €324 million ($372.5 million), according to estimates issued by PERILS, the independent Zurich-based organization that provides industry-wide catastrophe insurance data.

This compares to the third loss estimate of €325 million ($373.6 million) which was issued by PERILS on April 5, 2018, six months after the cyclone hit Germany on Oct. 5, 2017. This final loss number has been issued 12 months after the event, in line with the PERILS reporting schedule.

Xavier was a fast-moving and violent storm which caused the deaths of seven people in Germany. It occurred very early in the European winter storm season which meant that many trees were still heavy with leaves and therefore more prone to being blown over than had the same winds occurred during the winter months, said PERILS in a statement.

Damaging gusts occurred along a narrow corridor approximately 250 kilometer (155 miles) wide, which ran ENE-WSW from Hamburg to Berlin and affected the states of Hamburg, Lower Saxony, Saxony-Anhalt, Brandenburg and Berlin.

In this final PERILS report for Xavier, the market loss data are available by CRESTA zone and property line of business. This loss footprint information is complemented by gust speed values and loss ratios which show the incurred loss from Xavier as a percentage of the sums insured.

Source: PERILS

Related:

• Insured Losses for Germany’s Cyclone Xavier Rise to US$391.5M: PERILS
• Insured Losses for Cyclone Xavier in Germany Estimated at $343.6M: PERILS

Topics Profit Loss Germany