Germany could account for 75% of as much as 1.5 billion euros in insured losses from Windstorm Niklas: RMS

Catastrophe risk management firm RMS has issued an insured loss estimate from Windstorm Niklas ranging from 750 million euros to 1.4 billion euros, with Germany looking as though it will absorb the lion’s share of the hit.

The loss estimate for Niklas, which hit Europe in late March, is based on hazard reconstruction using the latest version of RMS’s Europe Windstorm Models.

The estimate includes damage to property, auto (not expected to exceed more than 5% of the total loss), forestry, agriculture and direct business interruption (anticipated to be low) but excludes losses from damage to infrastructure, notes an RMS statement Monday. RMS expects no post-event loss amplification.

The company reports it appears that Germany will account for approximately three-quarters of the total loss. “Findings from a comprehensive investigation by the RMS reconnaissance team of the worst-affected area of southern Germany provided valuable detail on the damage, which was used to validate the model output,” the company statement notes.

Related: March windstorms caused billion-dollar damage across Europe: Impact Forecasting study

“By conducting thorough ground reconnaissance, we feed valuable insight into detailed modelling analysis of the event to produce a reliable loss estimate for our clients,” says Brian Owens, senior director, model product strategy at RMS.

AIR Worldwide reported in April that it estimated insured losses – reflecting insured physical damage from wind to property (residential, commercial, industrial, agricultural and auto) for both structures and contents – from Niklas could fall within the 1.0 billion to 1.9 euros range.

Related: Insured losses from cyclone Niklas in Europe estimated at 1.0 billion to 1.9 euros: AIR Worldwide

Again, Germany was expected to see the majority of losses, AIR Worldwide noted, adding that there were also losses in Austria, Belgium, the Czech Republic, France, Ireland, Luxembourg, the Netherlands, Poland, Switzerland and the United Kingdom.

Also in early April, Impact Forecasting, the catastrophe model development arm of Aon Benfield, reported that March windstorms caused billion-dollar damage across Europe. Total economic and insured losses from windstorms Mike and Niklas are each expected to exceed $US1 billion, notes Impact Forecasting’s Global Catastrophe Recap report for March. 

#Windstorm Niklas causes multiple fatalities in Europe http://t.co/lY6hOjEU8b for cat alerts #ImpactForecasting pic.twitter.com/yi05QlUpZe

— Aon Benfield (@AonBenfield) April 3, 2015

Our best wishes for safety for all our friends in #Germany in the wake of Niklas @DD_Marketing @WestinDresden pic.twitter.com/JlJ9PKv6zj

— StardawnTravel (@stardawntravel) April 1, 2015