AIR Worldwide Estimates Insured Losses from Winter Storm Eleanor/Burglind Will Be Between EUR 1.1 Billion and EUR 1.6 Billion
January 11 2018 - 10:30AM
YASTEST
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.
###
For more information, contact:
Kevin Long
AIR Worldwide
+1-617-267-6645
klong@air-worldwide.com
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
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
Verisk Analytics (NASDAQ:VRSK)
Historical Stock Chart
From Feb 2024 to Mar 2024
Verisk Analytics (NASDAQ:VRSK)
Historical Stock Chart
From Mar 2023 to Mar 2024