PERILS, the independent Zurich-based organisation providing industry-wide catastrophe insurance data, has disclosed its fourth and final loss estimate for Extratropical Cyclone “Dragi-Eberhard”. The event affected the British Isles, and Western and Central Europe on 9 and 10 March 2019 and was the largest windstorm of the 2018/2019 European extratropical cyclone season.
PERILS’ fourth and final estimate of the insured property market loss for Dragi-Eberhard, based on loss data collected from affected insurers, is EUR 782 million. This compares to the previous PERILS loss estimate from 9 September 2019 of EUR 772 million. The majority of the losses occurred in Belgium, France and Germany. The United Kingdom, the Netherlands, Luxembourg and Switzerland were also affected, but to a much lesser degree.
In this final PERILS loss report, released 12 months after the event, the market loss data for Dragi-Eberhard are made available by CRESTA zone and property line of business for all affected countries. The loss footprint information is complemented by gust speed values and loss ratios which show the incurred loss from DragiEberhard as a percentage of the sums insured.
Low-pressure system Dragi struck on 9 March 2019 and was immediately followed by Eberhard on 10 March. Both systems were named by the Free University of Berlin. Dragi was the weaker of the two systems, affecting mainly parts of Belgium, Northern Germany, Poland and northern parts of the Czech Republic, with gusts exceeding 100km/h only in elevated areas. Eberhard struck the British Isles early on 10 March 2019 and continued to move over an area that spanned France, the Benelux countries, Germany and Eastern Europe. The resulting industry loss represented the largest windstorm loss of the 2018/2019 European extratropical cyclone season.
Looking ahead, PERILS also announced that it will report on extratropical cyclone Sabine, aka Ciara or Elsa, which affected Europe on 9-11 February 2020, and that it is currently investigating the series of European extratropical cyclones following Sabine, including Victoria, aka Dennis, Xanthippe-Yulia, and Bianca-Charlotte, aka Jorge.
In Australia, PERILS is currently investigating the effects of the East Coast Low which mainly affected the states of New South Wales and Queensland in mid-February 2020.
PERILS also concluded its investigations into the earthquake which struck the provinces of Elazig and Malatya in eastern Turkey on 24 January 2020, and into windstorm Petra which struck Austria, Germany and Switzerland on 4 February 2020. In both cases, the resulting property market loss does not exceed the PERILS loss capturing trigger of EUR 200m and PERILS will therefore not report any further on these events.