Storm hit France, Spain, Germany, Italy and Switzerland in January

The property insurance market loss for Windstorm Klaus in January has been calculated as €1.55bn.

Perils AG, the Zurich-based catastrophe insurance data company, decided to publish its estimates for the windstorm even though the company is not yet fully operational.

Perils CEO Luzi Hitz said the company released the loss estimate as an “illustration of its methodology”.

Windstorm Klaus, also known as the January 2009 Bay of Biscay Storm reached its peak on 23rd and 24th of January 2009. The storm caused widespread damage across France and northern Spain, resulting in 27 fatalities.

Hurricane force windspeeds of 200km/h (125mph) were recorded.