03 March 2010
Published in: Cat risk - ILS
Insured losses for Xynthia could reach €3bn
Insured losses for European windstorm Xynthia are likely to be between €1.5bn and €3bn, according to estimates from AIR Worldwide.
The size of individual claims is expected to be relatively low, but the overall volume of claims is expected to be significant because of the size of the affected area. Flood and coastal storm surge losses are likely to be substantial, the company said.
The storm hit the Atlantic coast of Western Europe on 27 February, and has been compared to Herta - one of a devastating series of storms that affected Europe in the winter of 1990. "Observed losses for Herta are about €2.3bn trended to today's exposure," Dr Peter Dailey, director of atmospheric science at AIR Worldwide noted.
Xynthia has affected France, Belgium, Germany and the Netherlands; France has been the worst hit.