AIR Worldwide, the catastrophe risk modelling arm of Verisk Analytics, has pegged the insured losses from Winter Storm Eberhard at between €900 million and €1.5 billion, the majority of which is expected to be shouldered by Germany.
Eberhard lashed parts of the UK, Ireland, Benelux, Poland and Germany this month with wind speeds of up to 120kmh, causing widespread travel disruption and minor damage to buildings and vehicles.
AIR’s model includes insured physical damage from wind to property, including structures and their contents, as well as business interruption and additional living expenses.
Factors it does not incorporate include losses from coastal or inland flooding; additional living expenses for residential claims for all modelled countries, except the UK; losses to uninsured properties; losses to infrastructure; demand surge; and losses from winter storms Freya/Bennet, Laura/Cornelius, or Dragi.
Eberhard followed closely behind Freya/Bennet, a strom which affected areas of the UK, France, Benelux, Switzerland and Germany in early March, bringing gust speeds up to 100kmh to some regions.
Actuarial consultancy Meyerthole Siems Kohlruss (MSK) told our sister publication Artemis it expected re/insurance industry losses from Bennet to reach around €200 million in Germany alone.