Insured Losses for Europe’s Storm Zeus Estimated at US$200M: PERILS
The initial estimate of insured property market losses for extratropical cyclone Zeus, which mainly hit France on March 6-7, is €192 million (US$200 million), according to PERILS, the independent Zurich-based organization that provides industry-wide catastrophe insurance data.
Low pressure system Zeus was part of a series of low-pressure systems situated over the British Isles and Northern Europe. It was embedded in a strong jet stream which quickly moved the system over northern France and into northern Italy during March 6-7, 2017, PERILS said.
The highest gust value during Zeus – 193 kilometers per hour (120 mph) – was recorded in Camaret-sur-Mer in Brittany. In southeastern France, gusts of 185 km/h (115 mph) and 157 km/h (98 mph) were measured in St Raphael in the Côte d’Azur and Ajaccio in Corsica, respectively, the organization added.
In line with PERILS’ reporting schedule, an updated estimate of the Zeus market loss will be made available on June 6, 2017, three months after the event start date.
“Although our market loss estimate fell short of PERILS’ reporting threshold of €200 million [US$208 million] we nevertheless decided to capture Zeus as a qualifying event,” commented Eduard Held, head of Products at PERILS.
“Given its exceptionally high gust values it will add valuable loss data to the PERILS database allowing subscribers to derive vulnerability information for France for wind speeds exceeding 30 meters per second [67 mph],” he added.