EQECAT Estimates Insured Losses from European Winter Storm Kyrill Could Range From 2.5 Billion Euros to 5 Billion Euros
Oakland, California
January 24, 2007
EQECAT, Inc., Oakland, Calif., the leading authority on extreme risk modeling, Wednesday afternoon (Eastern time), said, based on its simulation of last week's European winter storm Kyrill, including currently available information provided by several European meteorological services, initial estimated insured losses in Western Europe range from about 2.5 billion euros to about 5 billion euros.
Based upon available data, Germany is expected to be the largest contributor to the losses from this event, EQECAT said.
EQECAT said a loss of the estimated severity constitutes a European market loss with a recurrence interval of approximately 7 years to 10 years.
EQECAT will continue to monitor storm information as it becomes available.
EQECAT, Inc. provides state-of-the-art products and services to the global property and casualty insurance, reinsurance and financial markets. EQECAT is the technical leader and innovator of catastrophe risk management models that quantify exposure to a range of natural and man-made catastrophic risks.
Through its modeling software platform, WORLDCATenterprise, EQECAT enables clients to quantify and manage the potential financial impact of natural hazards. WORLDCATenterprise includes 181 natural hazard software models for 95 countries spanning six continents. These models are based upon innovative applications of the latest science, engineering expertise, claims and exposure data and advanced mathematics.
EQECAT, a subsidiary of ABSG Consulting Inc., was founded in 1994 and is headquartered in Oakland, California.
For more information, contact:
pr@eqecat.com