PERILS: initial loss estimate for Extratropical Cyclone "Burglind", EUR 643 million

15 February 2018 —

Extratropical Cyclone "Burglind", also known as "Eleanor" may have caused insured property losses of about EUR 643 million, PERILS, the industry-wide catastrophe insurance data independent provider, has disclosed its initial loss estimate.

The event caused significant damage across Austria, Belgium, France, Germany, Ireland, Luxembourg, the Netherlands, Switzerland, and the United Kingdom between 2 and 3 January 2018.

PERILS' initial estimate of the insured property market loss for Burglind, based on loss data from affected insurers collected post-event, is EUR 643 million. In line with the PERILS reporting schedule, an updated estimate of the Burglind market loss will be made available on 2 April 2018, three months after the event start date.

The depression was named "Burglind" by the Free University of Berlin and "Eleanor" by the Irish and UK national weather services. It affected a very large area across the British Isles and Western Europe, causing the deaths of at least six people in France. The incurred industry loss levels for the affected individual countries were however not unusual, except for Switzerland, where the Burglind event loss as estimated by PERILS is expected to be reached once in approx. 13 years.

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On the occasion of IIF 2018 - PROPERTY INSURANCE  - the NatCat challenge and beyond, Eduard HELD, Head of Products with PERILS will speak at about the link between data quality and model effectiveness. The event will take place in Prague, on 23 March, at the Four Seasons Hotel.

Find out more details and register online here http://www.internationalinsuranceforum.com/prop/

​​​​​​​About PERILS

PERILS is an independent Zurich-based organization providing industry-wide natural catastrophe exposure and event loss data. The PERILS Industry Exposure & Loss Database is available to all interested parties via annual subscription. The database contains industry property sums insured and event loss information on a CRESTA zone level and per property line of business. PERILS industry loss estimates provided via the PERILS Industry Loss Index Service can be used as triggers in insurance risk transactions such as industry loss warranty contracts (ILW) or insurance-linked securities (ILS). The service currently covers the following 16 countries: Australia, Austria, Belgium, Canada, Denmark, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Norway, Sweden, Switzerland, Turkey, and the United Kingdom. The use of PERILS exposure and loss data other than in conjunction with a valid PERILS License and according to its terms, by a Licensee or an Authorized User as defined in the License, is illegal and expressly forbidden.

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