PERILS has released its initial industry loss estimate for extratropical windstorm Éowyn, also referred to as Gilles.
According to PERILS, the estimated insurance market loss from Éowyn stands at €619 million, based on data collected from affected insurers. This figure reflects losses within the property line of business, in accordance with PERILS’ coverage definition for Europe.
The storm, which brought strong winds to the Republic of Ireland, Northern Ireland, and the Central Belt of Scotland, occurred between January 24 and 25, 2025.
The Zurich-based organisation noted that the storm represents the largest windstorm-related insurance loss in the Republic of Ireland in at least 45 years and the most significant windstorm loss in the UK since February 2022.
PERILS says that it will release an updated estimate of the market loss from Windstorm Éowyn on April 25, 2025, in line with its standard reporting schedule, three months after the event concluded.
Across specific industries, an earlier report from Crawford reveals that the major storm had a significant impact on the farming industry. The report noted that managed woodlands have sustained wind damage, impacting the timber industry. Damaged farm buildings have also increased security risks, making machinery more vulnerable to theft.
Farms with diversified operations, such as rental properties, holiday accommodation, and farm shops, are expected to file claims for loss of earnings.
During Éowyn and continuing a trend from Darragh, agricultural claims in England and Wales doubled compared to usual levels. Meanwhile, Scotland and Northern Ireland saw a 600% increase in new claims in the initial hours of Éowyn, with high levels continuing throughout the month.
The impact of Éowyn on the insurance sector was in line with previous European windstorm events, with losses of a similar scale occurring approximately once per year. However, for the Republic of Ireland, the storm was an exceptional event, marking the largest windstorm-related insurance loss in over four decades.
Luzi Hitz, product manager at PERILS, noted that two aspects of Éowyn’s impact were particularly notable. Despite the storm’s strength, only two storm-related fatalities were recorded, which may be attributed to the timely and accurate warnings issued by Met Éireann and the UK Met Office, along with public adherence to these advisories.
Hitz also pointed out that while the storm affected a large geographical area, its impact on the insurance sector remained moderate. This could be linked to construction and roofing practices in the Republic of Ireland and northern United Kingdom, where buildings are designed to withstand frequent strong winds.
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