AIR Worldwide pegs storm Eberhard insured losses at €1.5bn

Insured losses from European winter wind storm Eberhard are expected to be between €900 million and €1.5 billion, according to catastrophe risk modelling firm AIR Worldwide.

Majority of these losses are expected in Germany, AIR said.

The storm caused widespread damage, power outages, and travel disruption between March 9-10. Eberhard first struck the UK, the Netherlands, and Belgium, then began impacting Germany and finally headed farther east, affecting Austria, the Czech Republic, and Poland.

AIR’s modelled insured loss estimates include insured physical damage from wind to property (residential, commercial, industrial, agricultural, and auto), including structures and their contents, as well as business interruption and additional living expenses.

It noted that the estimates do not include losses due to coastal or inland flooding, additional living expenses for residential claims for all modelled countries (except the UK), losses to uninsured properties and infrastructure, demand surge, and losses from winter storms Freya/Bennet, Laura/Cornelius, or Dragi.

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