Catastrophe risk management firm RMS has estimated that the damage to insured property caused by Windstorm Niklas will stand between €750m (£538m) and €1.5b.
Losses in Germany will account for around three quarters of the total loss.
The loss estimate is based on hazard reconstruction using the recently released version 15.0 RMS Europe Windstorm Models. Findings from an investigation by the RMS reconnaissance team of the worst-affected area of southern Germany provided valuable detail on the damage, which was used to validate the model output.
The estimate includes damage to property, auto, forestry, agriculture and direct business interruption but excludes losses from damage to infrastructure. RMS expects no post-event loss amplification and anticipates low business interruption losses. Losses from auto are not expected to exceed more than five percent of the total loss.
Brian Owens, senior director, model product strategy at RMS, said "RMS releases loss estimates only after we have gathered enough information to make an informed assessment.
"By conducting thorough ground reconnaissance we feed valuable insight into detailed modeling analysis of the event to produce a reliable loss estimate for our clients."
- Top 100 Insurtech: Quarter four update
- Charles Taylor bolsters liability team by hiring senior sextet from Vericlaim
- Roundtable: Is a single customer view taking off in insurance?
- I work in insurance: Stephanie Horton, River Canal Rescue
- Insurtech diary: Getting stuck into insurance
- Gallagher Bassett acquires claims management firm
- Analysis: The mystery of the missing Insurance Fraud Taskforce report