Zurich - 28 May 2010
PERILS AG has today disclosed its second loss estimate for Windstorm Xynthia, which occurred at the end of February 2010.
The revised estimate of the property insurance market loss for Xynthia is EUR 1.27 billion. This compares to the first loss estimate of EUR 1.28bn which was issued by PERILS on 12 April 2010. The small reduction is the net effect of upwards and downwards movements within individual countries.
Windstorm Xynthia mainly affected France, Germany, Belgium, the Netherlands, Luxembourg and Switzerland. The loss estimate represents the market-wide insured property loss and is based on ultimate gross loss estimates as reported by insurance companies writing property business in the affected territories. The estimate excludes losses indemnified by the French CatNat government scheme.
In line with the PERILS loss reporting schedule, the third loss estimate will be published on 28 August 2010.
For subscribers to the PERILS database, the third loss estimate, plus any further loss estimates, will be provided in full resolution, i.e by CRESTA zone and the Property sub-lines Residential, Commercial, Industrial, Agricultural.