Reinsurance News

PERILS pegs industry loss from storm Victoria (Dennis) at €286mn

31st March 2020 - Author: Charlie Wood

Catastrophe loss data aggregator PERILS has released a €286 million initial loss estimate for extratropical cyclone Victoria (also known as Dennis), which affected the British Isles and north-western Europe from 15 to 17 February 2020.

perils-logoIt occurred only six days after extratropical cyclone Sabine (Ciara, Elsa) which PERILS has since estimated to have caused a €1.551 billion re/insurance industry loss.

PERILS’ Victoria/Dennis estimate is based on claims data collected from affected insurance companies and covers insured property market losses.

In line with PERILS’ reporting schedule, an updated estimate of the market loss from Victoria will be made available on 17 May 2020, three months after the event end date.

Extratropical cyclone Victoria/Dennis was the thirteenth named storm of a very active 2019–20 European windstorm season.

In conjunction with the high level of storm activity, a strong jet stream developed in early November and persisted over the North Atlantic for much of the period.

Victoria affected a smaller area across the British Isles and Western Europe than Sabine six days earlier.

The storm also brought heavy rainfall which contributed to record precipitation amounts for the month of February 2020 across the British Isles. Victoria generated a number of localised flood incidents, particularly in Wales and England.

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