For Immediate Release: AIR Worldwide Estimates Insured Losses from Winter Storm Eleanor/Burglind Will Be Between EUR 1.1 Billion and EUR 1.6 Billion BOSTON, Jan. 11, 2018 - Catastrophe modeling firm AIR Worldwide estimates that insured losses due to ...
For Immediate Release:
AIR Worldwide Estimates Insured Losses from Winter Storm Eleanor/Burglind
Will Be Between EUR 1.1 Billion and EUR 1.6 Billion
BOSTON, Jan. 11, 2018 - Catastrophe modeling firm AIR Worldwide estimates that insured losses due to wind from Winter Storm Eleanor/Burglind will range between EUR 1.1 billion and EUR 1.6 billion. The majority of losses are expected in Germany, France, the United Kingdom, Belgium, Switzerland, and the Netherlands. Lower levels of loss are also expected in Austria, the Czech Republic, Denmark, Estonia, Finland, Ireland, Latvia, Lithuania, Luxembourg, Norway, Poland, and Sweden. AIR Worldwide is a Verisk (Nasdaq:VRSK) business.
Winter Storm Eleanor, known as Burglind in Germany, was the fifth named European winter storm of the season and fourth major storm to make landfall since December. It brought wind gusts of up to 100 mph (160 km/h) to Ireland early last week, causing damaging flooding along the Atlantic coast. The system then passed across the UK, where the Met Office reported wind gusts of 100 mph (160 km/h) in Cumbria in the north of England and 89 mph (143 km/h) on the Isle of Wight off the South Coast; massive waves of 26 feet (8 meters) were recorded in Devon. Eleanor/Burglind then made its way through Europe, bringing wind gusts of 91 mph (147 km/h) to Cambrai in northern France and 67 mph (108 km/h) to Paris-the strongest winds since storm Xynthia in 2010; gusts were recorded in Switzerland at 75 mph (120 km/h), 87 mph (140 km/h) in the Netherlands, and 98 mph (158 km/h) in Germany, and flooding was reported in impacted countries including Germany and France.
Structural damage due to strong winds was reported in Ireland, the UK, France, and Germany, where roofs were damaged or blown off, scaffolding was stripped from buildings, and signage was destroyed. Trees were blown down across continental Europe and the UK, and transportation disruption was rampant: a train car was blown off the tracks in Switzerland; train and ferry services were suspended in multiple countries; and hundreds of flights were canceled at Europe's busiest airports, including Charles de Gaulle in France, Schiphol in Amsterdam, Frankfurt International in Germany, and Zurich and Basel in Switzerland. Power outages were widespread across the impacted countries.
In addition to the widespread damage caused by wind, extensive flooding inundated streets and structures across Europe and in the UK, mainly in Ireland, where the River Shannon overflowed its banks in Limerick, and in England, where a seawall collapsed in Cornwall. In Germany, river levels in the Rhine area rose over the weekend, and overflow was observed in Bonn, Cologne, and Dusseldorf, and some street flooding was reported.
Note that AIR's estimates reflect wind damage only to onshore residential, commercial, and industrial properties; agricultural properties (and their contents); automobiles; and forestry in Finland, Norway, and Sweden.
AIR's modeled insured loss estimates include:
- Insured physical damage from wind to property (residential, commercial, industrial, agricultural, and auto), both structures and their contents
- Losses to insured forestry in Finland, Norway, and Sweden
AIR's modeled insured loss estimates do not include:
- Losses due to coastal or inland flooding
- Business interruption and additional living expenses (ALE) for residential claims for all modeled countries, except the UK
- Losses to uninsured properties
- Losses to infrastructure
- Demand surge (AIR's demand surge function is not triggered by this event)
About AIR Worldwide
AIR Worldwide (AIR) provides risk modeling solutions that make individuals, businesses, and society more resilient to extreme events. In 1987, AIR Worldwide founded the catastrophe modeling industry and today models the risk from natural catastrophes, terrorism, pandemics, casualty catastrophes, and cyber attacks, globally. Insurance, reinsurance, financial, corporate, and government clients rely on AIR's advanced science, software, and consulting services for catastrophe risk management, insurance-linked securities, site-specific engineering analyses, and agricultural risk management. AIR Worldwide, a Verisk (Nasdaq:VRSK) business, is headquartered in Boston with additional offices in North America, Europe, and Asia. For more information, please visit www.air-worldwide.com.
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The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: AIR Worldwide via Globenewswire
Source(s) : AIR Worldwide
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