PERILS’ third loss estimate for windstorm Elon-Felix 328 million euros

PERILS AG issued its revised estimate Wednesday for windstorm Elon-Felix – which hit areas of western and northern Europe from Jan. 8 to 11, 2015 – at 328 million euros.

The estimate of the property insurance market loss – the third of fourth to be released by PERILS – is in line with the 335 million euros estimate issued in April and returning to the 328 million euros estimate issued in February.

The market loss estimate from PERILS – which provides industry-wide catastrophe insurance data – is based on ultimate gross loss data as reported by primary insurance companies and excludes losses indemnified by government schemes. [click image below to enlarge]

The majority of the losses from Elon-Felix – which consisted of two low-pressure systems occurring within 24 hours of one another and followed a very similar track – occurred in Denmark, Germany, Norway, Sweden and the United Kingdom. Elon-Felix was the first event of the European winter storm season 2014/2015 that e

xceeded the PERILS loss-capturing trigger of 200 million euros.

In combination with gust speed data and PERILS market sums insured, the Elon-Felix loss footprint may serve as a benchmark to validate European wind risk models with actual data, notes the latest update from PERILS.

The company reports that it expects to publish the fourth loss estimate for Elon-Felix on Jan. 6, 2016.