European catastrophe data provider Perils has again increased its loss estimate for extratropical cyclone Friederike, this time to EUR1.68bn ($1.97bn).
The new estimate marks a 2.8 percent uplift on the EUR1.63bn Perils pegged the storm cost at when it last released an estimate in April.
It makes the total market loss from Friederike the highest since winter storm Klaus hit France in January 2009.
The brunt of Friederike losses were felt in Germany and the Netherlands but strong winds were also felt in the UK, Belgium and Germany when the storm stung Europe in January.
When it put out its initial loss forecast, Perils described Friederike as a “compact and fast-moving extratropical cyclone” that generated “extraordinarily strong winds” in the Netherlands and particularly in Germany where record wind speeds of 203km/h were recorded.
It said the storm killed eight people in Germany, three in the Netherlands and one in Belgium.
The storm came exactly 11 years after windstorm Kyrill, which at the time generated a Europe-wide insured property market loss of EUR3.65bn, according to Perils.
In February, Eduard Held head of products at the data firm, said that while the loss from Friederike was significant, 12 other windstorms over the last 40 years would have delivered a bigger blow to insurers if they were to happen today.
“On this basis, we would estimate that the Europe-wide market loss level of Friederike would be reached or exceeded on average once every 3-4 years,” he said.
“For Germany and the Netherlands alone, however, the return period for the respective market loss levels would be higher.”