AIR Worldwide Estimates Insured Losses for Winter Storm Ciara-Sabine Will Be Between EUR 1.1 Billion and EUR 1.9 Billion
BOSTON, Feb. 14, 2020 — Catastrophe risk modeling firm AIR Worldwide estimates that insured losses due to wind from Winter Storm Ciara-Sabine will range between EUR 1.1 billion and EUR 1.9 billion, the majority of which are expected in Germany, France, and the United Kingdom. AIR Worldwide is a Verisk (Nasdaq:VRSK) business.
Storm Ciara was officially named on Wednesday, February 5, by the UK Met Office, the third windstorm the agency has named this season. Ciara struck parts of Ireland and the UK on Sunday, February 9, then moved to Europe where it was named Sabine in Germany and also impacted France, the Netherlands, Belgium, Poland, the Czech Republic, Slovenia, Sweden, Denmark, and Norway (where it was named Elsa), and other European countries.
In addition to significant wind damage, Storm Ciara has caused coastal and inland flooding in the UK and downed trees and power lines, which caused 675,000 homes to lose electricity there, in addition to 10,000 in Ireland. Power outages affected tens of thousands of homes in Germany and France as well, with power cuts affecting nearly 500,000 people across Europe.
Hundreds of flights were canceled in the UK, Germany, Belgium, and the Netherlands; long-distance train service was suspended in Germany; and the ports of Dover, England, and Calais, France, were shut down. In addition, storm surge affected Hamburg after Sabine caused the Elbe River to rise.
AIR's modeled insured loss estimates include:
- Insured physical damage from wind to property (residential, commercial, industrial, agricultural, and auto), including structures and their contents, as well as business interruption and additional living expenses
AIR's modeled insured loss estimates do not include:
- Losses due to coastal or inland flooding
- Additional living expenses (ALE) for residential claims for all modeled countries, except the UK
- Losses to uninsured properties
- Losses to infrastructure
- Demand surge
About AIR Worldwide
AIR Worldwide (AIR) provides risk modeling solutions that make individuals, businesses, and society more resilient to extreme events. In 1987, AIR Worldwide founded the catastrophe modeling industry and today models the risk from natural catastrophes, terrorism, pandemics, casualty catastrophes, and cyber incidents. Insurance, reinsurance, financial, corporate, and government clients rely on AIR’s advanced science, software, and consulting services for catastrophe risk management, insurance-linked securities, longevity modeling, site-specific engineering analyses, and agricultural risk management. AIR Worldwide, a Verisk (Nasdaq:VRSK) business, is headquartered in Boston, with additional offices in North America, Europe, and Asia. For more information, please visit www.air-worldwide.com.