How quickly times change. Little over a month ago, attentions in the UK insurance industry were firmly locked on the bombardment of storms – named Ciara and Dennis – and their potential impact. Now, with the coronavirus outbreak sweeping the nation, those events seem an awful long time ago.
Still, their impact remains sizeable and today Zurich-based PERILS has released its industry wide catastrophe insurance data for extratropical cyclone, which was known here in the UK as Storm Dennis.
According to its estimate, the insured property market loss for the event was 286 million euros. It outlined that the majority of losses occurred in Germany, Belgium and the UK, bringing with it heavy rainfall and flooding.
The event was actually the thirteenth named storm of an active 2019-20 windstorm season across Europe. A strong jet stream developed early in November and persisted across the North Atlantic for much of the period.
Its impact was smaller than Storm Ciara which hit just six days earlier.
