The extreme event solutions business unit of Verisk (Nasdaq: VRSK), a leading global data analytics and technology provider, estimates industry insured losses due to wind from Winter Storm Ciarán (also named Emir by the Free University of Berlin) will range between EUR 800 million and EUR 1.3 billion, the majority of which are expected in France.
Hazard and Damage Observations
Ciarán’s impacts were most pronounced in northwest France and the Channel Islands. In France, the worst damage was in the northwest, in Brest. Similar impacts were observed in the Channel Islands. Jersey in particular was very hard hit, with some of the more extreme roof and structural damage there likely caused by a strong tornado that was spawned by the storm. Jersey also saw golf ball-sized hail which contributed to both roof and automobile damage. The large amount of tree-related damage from this storm was exacerbated by the fact that most trees in the region still have leaves on them and the ground was quite saturated, making it more likely for trees to become uprooted or fall over.
Verisk’s modeled insured loss estimates include insured physical damage from wind to property (residential, commercial, industrial, agricultural, and motor, including structures and their contents, as well as business interruption and additional living expenses (for the UK only).
Verisk’s modeled insured loss estimates do not include:
· Losses due to coastal or inland flooding
· Losses due to tornadoes or hail
· Additional living expenses (ALE) for residential claims for all modeled countries, except the UK
· Losses to uninsured properties
· Losses to infrastructure
· Demand surge
· Losses caused by Storm Domingos, which affected France and Spain starting on Saturday 4
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