Europe winter storm losses up to $5.6B: Verisk

Insured losses from Winter Storms Dudley/Ylenia and Eunice/Zeynep will be €3 billion to €5 billion ($3.4 billion to $5.6 billion), according to a report Friday from Verisk Extreme Event Solutions, formerly AIR Worldwide.

Estimates include wind damage from Dudley/Ylenia and Eunice/Zeynep to residential, commercial, industrial, and agricultural properties and automobiles. The majority of losses are expected in Germany, the U.K., and the Netherlands, Verisk said.

Loss estimates also reflect an adjustment for increased material and other repair costs in the current construction market, which Verisk estimates could be 10-15% or more above the modeled results, the Friday statement said.

Storm Dudley/Ylenia hit parts of the U.K. and Northern Europe Feb. 16-17 followed by Storm Eunice/Zeynep, which hit the region Feb. 18-20.

“In the wake of Dudley/Ylenia, Storm Eunice/Zeynep brought more high winds, leading to widespread reports of wind damage to homes and businesses in the U.K. and continental Europe, including roofs torn off,” Marc Marcella, principal scientist at Verisk, said in the statement.

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