Zurich - 19 Dec 2024
EUR 2,080m - PERILS releases second industry loss estimate for the floods in Central Europe in September 2024
PERILS has today disclosed its second industry loss estimate for the floods in Central Europe which occurred during the period of 14 to 20 September 2024. The loss figures per affected country have been produced by combining the PERILS and CRESTA CLIX methodologies.
PERILS’ second estimate of the insurance market loss is EUR 2,080 million. The loss numbers for Austria and Italy are based on the standard PERILS methodology (named “PERILS CORE”) which involves the gross-up of loss data provided by affected insurers to 100% market level. Loss estimates for affected territories not currently covered by PERILS are produced in accordance with the CRESTA CLIX methodology and are based on the expert evaluation of a broad range of insurance industry sources (named “PERILS EXTENDED”). From 1 January 2025 onwards, the combined service offering will enable PERILS to provide loss estimates for large Cat events anywhere in the world except for the US.