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PERILS pegs initial loss estimate from cyclone Thomas at €213M

PERILS said April 6 that its initial loss estimate for the insured property market due to extra-tropical cyclone Thomas stood at €213 million, with the majority of the losses occurring in the U.K. and Germany.

Thomas, which is also known as Doris in the U.K., affected the British Isles, the Netherlands, Belgium and Germany on Feb. 23 and 24.

PERILS said its market loss estimate is based on ultimate gross loss data as reported by primary insurance companies. An updated estimate of the market loss will be released May 23.