Windstorm Christian losses now estimated at 994 million euros

Catastrophe insurance data firm PERILS has estimated that the property market loss from October’s Windstorm Christian in Western and Northern Europe will be 994 million euros. On Dec. 6, 1 euro was equal to $1.45.

The Zurich-based firm said Friday that the majority of the losses occurred in Denmark, Germany and the Netherlands, where gust speeds were especially high, although losses also occurred in Belgium, Sweden and the United Kingdom.

“The main characteristics of windstorm Christian were its early occurrence date in the European winter storm season and the rapid speed with which the low pressure system travelled over the affected markets,” noted Luzi Hitz, PERILS’ CEO.

The estimate is based on ultimate gross loss data reported by primary insurance companies and excluded losses indemnified by government programs, its statement notes.

PERILS said it will release an updated estimate in late January 2014.