Majority of losses reported in Denmark, Germany, Norway, Sweden and the United Kingdom
Windstorm Elon-Felix will cost insurers €328m (£243m), according to catastrophe modelling firm PERILS.
Elon-Felix affected Western and Northern Europe from 8-11 January and the storm is also known as Dagmar-Egon in Denmark and Sweden, and as Nina in Norway.
PERILS’ initial estimate of the insured industry-wide property market loss for Elon-Felix is €328m, with the majority of the insurance losses occurring in Denmark, Germany, Norway, Sweden and the United Kingdom.
PERILS chief executive Luzi Hitz said: “Elon-Felix is the first event of the European winterstorm season 2014/2015 which exceeds the PERILS loss capturing trigger of €200m.
“The main characteristics of Elon-Felix were the rapid succession of two low-pressure systems, generating strong winds which affected almost identical areas within 24 hours. As a result, the allocation of particular losses to an individual named depression system is in some cases unclear and the event loss is therefore reported on a combined basis.”
Join the debate at our Insurance Times Claims Forum on LinkedIn