Reinsurance News

PERILS puts industry loss from Storm Sabine (Ciara) at €1.6bn

24th March 2020 - Author: Matt Sheehan

Catastrophe loss data aggregator PERILS has released its initial loss estimate for extratropical cyclone Sabine (also known as Ciara), putting re/insurance industry losses at €1.551 billion (US $1.680 billion).

The estimate from PERILS is some way below the €1.8 billion figure previously released by RMS and the €1.9 billion from AIR Worldwide.

However, it is worth noting that PERILS only accounts for the insured property market loss, and so does not account for other losses such as auto.

Storm Sabine affected the British Isles, and Western and Central Europe from 9 to 11 February 2020, with the majority of insured losses being reported in Germany.

The General Association of the German Insurance Industry (GDV) has estimated that insured losses in Germany alone are likely to be around €675 million.

In total, it is estimated that approximately 250 million people were exposed to wind gusts in excess of 80 km/h at some point during the progression of the storm.

PERILS also noted that the loss to the insurance industry from Sabine represents the largest loss from a European windstorm since Friederike (David) in January 2018, with large losses also recorded in the Benelux countries, France, the UK, Switzerland, Austria and Denmark.

Despite having been hit by very strong winds, the Republic of Ireland suffered comparably minor insurance losses, as was the case for Norway and Sweden.

PERILS believes that the level of the market loss resulting from Sabine is material but not unusual, and said that an event at this level should be expected approximately once every three years.

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