Catastrophe loss data aggregator, PERILS AG, has updated its insured property market loss estimate for extratropical cyclone Victoria (Dennis) by more than 20% to €344 million.
The storm impacted the British Isles and north-western Europe from 15th to 17th February, 2020 and occurred just six days after extratropical cyclone Sabine.
PERILS previously announced insured property market loss estimates of €286 million on March 30th and May 17th, 2020.
This May estimate remained unchanged as a result of the ongoing COVID-19 pandemic, which meant that PERILS did not carry out a second round of data collection points before its second report on May 17th.
According to PERILS, most of the insurance industry losses occurred in the UK, Germany, and Belgium. The storm brought damaging strong winds, as well as heavy rainfall, notably in the UK, leading to further flooding to parts of England and Wales already hit by Sabine.
PERILS notes that losses classified as flood by insurers are not included in its Victoria loss survey, and will instead by reported separately by the firm in an upcoming loss report on the UK floods of February 2020.
