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 - 10:31AM
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 WorldwideAIR 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 LongAIR
Worldwide+1-617-267-6645klong@air-worldwide.com
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