PERILS, a provider of catastrophe insurance data, has released its final insurance industry loss estimate for Windstorm Ciarán (Emir). This storm affected France, the UK, Belgium, and the Netherlands from November 1 to 2, 2023.
The final industry event loss is €2,067 mn, outlined through a comprehensive industry loss footprint. This estimate compares to previous figures of €2,043 mn, €1,937 mn, and €1,889 mn, issued six months, three months, and six weeks after the event, respectively.
These figures are based on loss data from affected insurers collected under “PERILS CORE.”
The final report offers industry loss information per CRESTA zone and property business lines. It also provides damage degrees, illustrating the loss percentage relative to sums insured.
Wind-gust data from the German Met Office and EuroTempest complements this, aiding in the calibration of Cat risk models for better windstorm risk assessment in Europe.
Windstorm Ciarán was a typical autumn storm, predicted well in advance with sufficient warnings. Its most extreme winds formed a narrow band over the English Channel, with strong winds affecting northern France, southern England, Belgium, and the Netherlands. Brittany, Normandy, and the Channel Islands experienced the highest wind speeds since the Great Storm of 1987.
Most losses occurred in France, reaching €1,772 mn, making it the largest windstorm loss there since Klaus in 2009. Additional significant damage was recorded on the Channel Islands, Belgium, and the Netherlands.
Christoph Oehy, PERILS’ CEO, noted that while Ciarán’s path confined most damage to northern France and the Channel Islands, the losses were still substantial.
He emphasized that a slight change in the storm’s track could have led to far greater insured losses, underscoring the destructive potential of European windstorms.
