Final Insured Loss for Germany-Austria’s Storm Herwart Rises to €264M: PERILS

The final estimate of insured property losses for Extratropical Cyclone Herwart, which primarily affected Austria and Germany on Oct. 29, 2017, is €264 million (US$300.6 million), according to PERILS, the independent Zurich-based organization that provides industry-wide catastrophe insurance data.

This estimate compares to the third loss estimate of €255 million ($290.4 million), which was issued by PERILS on April 27, 2018, six months after the event.

Based on loss data collected from affected insurers, this final loss number was issued 12 months after the event, in line with PERILS’ reporting schedule.

Herwart was a rapidly moving system bringing extreme wind conditions that lasted for only a few hours. The storm affected the northern and eastern regions of Germany during the early hours of the day, before hitting the eastern half of Austria in the late morning and early afternoon. The highest gust values recorded were 176 kilometers per hour (109.4 mph) in Germany (Fichtelberg, Saxony), and 180 kph (112 mph) in Austria (Feuerkogel Mountain, Upper Austria).

As for every final loss report, the market loss data for Herwart are available by CRESTA zone and property line of business, said PERILS, noting that the loss footprint information is complemented by gust speed values and loss ratios which show the incurred loss from Herwart as a percentage of the sums insured.

Source: PERILS

Related:

• PERILS Offers Windstorm Forecasting Platform in Australia, Updates Europe Service
• PERILS Raises Insured Loss Estimate for Germany-Austria’s Cyclone Herwart
• Insured Losses for Germany-Austria’s Storm Herwart Estimated at $337.3M: PERILS

Topics Trends Profit Loss Windstorm Germany