AIR Worldwide
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Ciara and Dennis could be the most significant European windstorm losses since 2018. -
The storm struck parts of Ireland and the UK on 9 February, before moving to mainland Europe.
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The firm is the first risk modeller to issue an official estimate after the typhoon made landfall in Japan on 12 October.
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The storm is now at Category 4 strength, and tracking to make landfall in Japan at Cat 3.
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The facility had originally estimated that it would pay out $10.9mn.
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The firm’s estimate points to a higher top-of-the-range loss than early market forecasts of between $1.5bn and $5bn.
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Modelled average annual loss is less than a quarter of the economic estimate, meaning more needs to be done to close the protection gap, the modeller said.
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The typhoon was the strongest storm to hit the Chinese province of Zhejiang since 2015.
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