Niklas insured losses €1bn to €1.9bn

Niklas insured losses €1bn to €1.9bn

Insured losses from extratropical cyclone Niklas look certain to reach €1.0bn and could range as high as €1.9bn, according to Massachusetts-based catastrophe modeller AIR Worldwide.

Most of the losses are in Germany, with claims also likely in Austria, Belgium, the Czech Republic, France, Ireland, Luxembourg, the Netherlands, Poland, Switzerland and the UK.

AIR said that the estimated loss incudes wind damage to residential, commercial, industrial and agricultural properties (and contents) as well as motor vehicles.

The estimate does not include business interruption and additional living expenses for residential claims for all modelled countries, with the exception of the UK. The estimate also does not include the cost of damage to infrastructure or demand surge, as AIR's demand surge function was not triggered by the event.

AIR Worldwide GmbH managing director Yörn Tagte noted that Niklas developed into a strong storm over Denmark and the southern Baltic Sea on March 31, generating high winds and heavy rain over northern Germany and parts of the UK.

By the evening of the same day the cold front had arrived in the alpine region of Germany, bringing heavy rain and strong bursts of wind. Feldberg in the Black Forest recorded a maximum wind speed of 151kph.

Subsequently Niklas moved east, bringing squalls, heavy rain, thunderstorms and some snowstorms.

However, Tagte said that, because of the relatively low wind speeds when compared with hurricanes, the average claim size is likely to be low. 

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