Zurich - 15 Mar 2012
PERILS AG has today disclosed its second loss estimate for windstorm Joachim which occurred from 15 - 17 December 2011 and affected mainly France, Germany and Switzerland.
The revised estimate of the property insurance market loss is EUR 289 million. This compares to the first loss estimate of EUR 300 million which was issued by PERILS on 26 January 2012.
PERILS’ loss estimates represent the market-wide insured property loss and are based on ultimate gross loss estimates as reported by insurance companies writing property business in the affected territories. The estimates exclude losses indemnified by government schemes such as CatNat in France.
In line with the PERILS loss reporting schedule, the third loss estimate for Joachim will be published on 15 June 2012. 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 by property sub-lines Residential, Commercial, Industrial and Agricultural.