PERILS ESTIMATES CHRISTMAS STORM WILL COST EURO 275M

Winterstorm Dirk, which affected the UK and France from December 23 to 25, 2013, is likely to cost insurers Euro 275m, according to Zurich, Switzerland-based PERILS AG. The majority of the losses occurred in Southern England and Northern France, in particular Brittany and Normandy. The storm first hit Ireland on December 23, although UK and France suffered the highest wind speeds, storm surge, heavy rainfall and localised flooding. The initial loss estimate is based on ultimate gross loss data reported by primary insurance companies and excludes losses indemnified by government schemes such as CatNat in France. PERILS, a not-for-profit organization that provides European catastrophe data and indices, will provide an updated estimate on the storm loss on March 23.