Windstorm Herwart Property Loss Estimate by PERILS raised to USD 315.1 million

31 January 2018 — Daniela GHETU
Perils AG raised its estimate for insured property losses from Windstorm Herwart to EUR 255 million (USD 315.1 million) from an initial estimate of EUR 252 million.

The revised estimate of the property insurance market loss is EUR 255 million. This compares to the initial loss estimate of EUR 252 million which was issued by PERILS on 11 December 2017. 

In line with the PERILS loss reporting schedule, the third loss estimate for Herwart will be released on 29 April 2018, six months after the event. This estimate and following loss estimates will be provided in full resolution, i.e. by CRESTA zone and by property lines of business. 

In its initial loss estimate in December, Perils said Herwart "caused significant damage in Austria and Germany" and also affected Denmark, "but to a much lesser extent." Although the storm affected also Poland, Czechia and Slovakia, these countries are not covered by the Perils' reporting, therefore losses are not included in the above figures.