PERILS estimates storm Thomas losses at €213m

Zurich-based catastrophe insurance data provider PERILS has estimated the initial insured property market loss from extra-tropical cyclone Thomas at €213 million.

Cyclone Thomas (also known as Doris in the UK) affected the British Isles, the Netherlands, Belgium and Germany on February 23 and 24, 2017.

The report added that the majority of the losses occurred in the UK and Germany. The next update on market loss estimate will be provided on May 23, 2017.

PERILS said that its market loss estimate for Thomas is based on ultimate gross loss data as reported by primary insurance companies.

Luzi Hitz, CEO of PERILS, said: "Thomas is the second European winter storm event in the winter season 2016/2017 - after Egon - which exceeds the PERILS loss capturing trigger of €200 million.

"While the market loss from Thomas is again not market-changing, it nevertheless adds new information which supports the better quantification of European extra-tropical cyclone risk to the benefit of all industry stakeholders."

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