Reinsurance News

PERILS increases storm Burglind (Eleanor) industry loss estimate to $840mn

3rd July 2018 - Author: Charlie Wood

Catastrophe loss data aggregator PERILS has reported its third loss estimate for Extratropical Cyclone Burglind, also known as Eleanor, at €724 million (US$840mn).

PERILS logoThe weather event hit between January 2nd and 3rd 2018, inflicting significant damage across Austria, Belgium, France, Germany, Ireland, Luxembourg, the Netherlands, Switzerland, and the United Kingdom.

Gusts exceeded 160km/h in Switzerland, France and Germany, where most of the insurance industry losses occurred.

PERILS’ initial insured property market loss estimate was placed at €643 million (US$781mn), before increasing to €680 million (US$788mn) when a second was issued on April 3rd, 2018.

The firm states that a final update to the industry loss estimate will be released a year from the date of the windstorm.

PERILS is an independent Zurich-based organisation and its loss evaluations are based on actual loss data collected from affected insurance companies.

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