PERILS's initial loss estimate for extratropical cyclone Friederike at EUR 1,465 million

1 March 2018 — Daniela GHETU
PERILS has disclosed its initial loss estimate for Extratropical Cyclone "Friederike", also known as "David", at EUR 1,465 million insured losses, the largest part of which recorded in Germany and Netherlands.

PERILS' initial estimate of the insured property market loss for Friederike is based on loss data collected from affected insurers.

The event caused significant damage across the British Isles, Belgium, the Netherlands and Germany on 17 and 18 January 2018.

Eduard HELD, Head of Products at PERILS, commented: "While the market loss from Windstorm Friederike of EUR 1,465 million is significant, we estimate that there have been 12 European windstorm events in the past 40 years which would have exceeded this figure had they occurred today. These events include 87J, Daria, Herta, Vivian, Wiebke, Anatol, Lothar, Martin, Jeanett, Kyrill, Klaus and Xynthia. On this basis, we would estimate that the Europe-wide market loss level of Friederike would be reached or exceeded on average once every 3-4 years. For Germany and the Netherlands alone, however, the return period for the respective market loss levels would be higher."

Friederike was a compact and fast-moving extratropical cyclone which generated extraordinarily strong winds in the Netherlands and Germany, where a record gust of 203km/h was registered on the Brocken mountain in the state of Saxony-Anhalt. The winds caused severe damage and disruption, bringing the Netherlands and the German states of North Rhine-Westphalia, Hesse, Saxony Anhalt, Thuringia and Saxony to a virtual standstill. The storm resulted in the deaths of eight people in Germany, three in the Netherlands and one in Belgium.

Friederike happened exactly 11 years after windstorm Kyrill which at the time generated a Europe-wide insured property market loss of EUR 3,651 million, based on PERILS data.

In line with the PERILS reporting schedule, an updated estimate of the Friederike market loss will be made available on 17 April 2018, three months after the event start date.

1106 views
Share |