Storm Xavier to cost insurers €324m: PERILS' final estimate

Extratropical Cyclone Xavier that primarily affected Germany on October 5 of 2017 will cost insurers approximately €324 million, according to the final loss estimate of PERILS.

The European catastrophe insurance data provider has disclosed its final property market loss estimate for the windstorm, which has largely remained unchanged from its previous estimate of €325 million revealed in April this year.

Xavier was a fast-moving and violent storm which caused the deaths of seven people in Germany. It occurred very early in the European winter storm season which meant that many trees were still heavy with leaves and therefore more prone to being blown over than had the same winds occurred during the winter months, according to PERILS.

The catastrophe insurance data provider added that damaging gusts occurred along a narrow corridor approximately 250 km wide which ran from Hamburg to Berlin, affecting the states of Hamburg, Lower Saxony, Saxony-Anhalt, Brandenburg and Berlin.

PERILS said the final report for Xavier includes the market loss data by CRESTA zone and property line of business.

Get all the latest re/insurance industry news with our daily newsletter -  sign up here.

More of today's news

Raschbaum receives $2.2m as he retires from Maiden

Markel starts writing reinsurance business in India

Davies expands through investments in FY 2018

AIG launches $6.1m lawsuit in Kim Kardashian robbery case: report

Don't miss our insurtech email newsletter - sign up today