Third loss estimate for Windstorm Xaver 759 million euros

PERILS AG issued its third loss estimate for Windstorm Xaver – which hit parts of Western and Northern Europe in early December 2013 – increasing the estimate to 759 million euros.

The revised estimate of the property insurance market loss compares to the PERILS’s second loss estimate of 727 million euros in early March, and the first loss estimate of 680 million euros in January.

The market loss estimate is based on ultimate gross loss data as reported by primary insurance companies and excludes losses indemnified by government schemes, PERILS noted in a statement announcing the first loss estimate.

PERILS reported the majority of losses from Xaver – also known as Sinterklaasstorm in the Netherlands, Bodil in Denmark and Sven in Sweden – occurred in Denmark, Germany, Norway, Sweden, the Netherlands and the U.K.

Strong winds affected the northern parts of the U.K., the Netherlands and Germany, as well as Denmark and southern parts of Norway and Sweden. “Strong winds were accompanied by a storm surge, which was particularly severe as the timing of the storm was close to that of the new moon phase” on Dec. 3, 2013, the statement added.

In line with the PERILS loss-reporting schedule, the fourth loss estimate for Xaver will be published Dec. 5.