Majority of damage in Germany, UK and Switzerland
Windstorm Andrea is set to cost insurers approximately €267m (£224m) according to initial estimates from European insurance loss index, PERILS.
The majority of the losses from the storms between 4 January and 5 January occurred in Germany, with significant losses also occurring in the UK, France, The Benelux states and Switzerland.
PERILS head of sales and products, Edi Held, said: “Andrea was the last of a series of windstorms which impacted Europe between the end of November 2011 and the beginning of 2012.”
“While all of the six events that PERILS investigated during this period resulted in significant local damage, one has to bear in mind that the resulting market-wide property losses are still only small fractions of the potential industry loss resulting from a 1-in-250 year pan-European event, which could be in the tens of billions of Euros,” Held added.
An updated estimate from PERILS is due to be published on 4 April.
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