Insured property losses from Windstorm Ciara will likely fall between €1.1 billion and €1.8 billion, according to estimates by risk modeler RMS.
Losses in Germany will account for around 50% of the total loss from Windstorm Ciara, known there as Windstorm Sabine. The storm hit the U.K. and Ireland on Feb. 9, and also impacted France, Scandinavian countries, the Benelux region and parts of Central Europe.
The estimates include damage to property, auto, forestry, agriculture and direct business interruption but exclude losses from damage to infrastructure. RMS does not not expect any post-event loss amplification and anticipates low business interruption losses.
Fellow risk modeler AIR Worldwide Corp. projected insured losses between €1.1 billion and €1.9 billion, the majority of which are expected to come from Germany, France and the U.K.
AIR Worldwide's estimates include insured physical damage to property, including residential, commercial, industrial, agricultural, auto, structures and their contents, as well as business interruption and additional living expenses.