AIR Estimates Losses from European Windstorm Xaver at Between EUR 700 Million and EUR 1.4 Billion

BOSTON, Dec. 12, 2013 – Catastrophe modeling firm AIR Worldwide estimates that insured wind losses from Extratropical Cyclone Xaver will range between EUR 700 million and EUR 1.4 billion, with the majority of the losses in Denmark, Germany, and the UK. Losses also occurred in the Netherlands, Belgium, Sweden, and Norway. The strong extratropical cyclone (ETC) known as Xaver came ashore on Thursday, December 5, in Scotland with wind speeds comparable to those of a Category 1 hurricane. It then headed south and moved across the North Sea to the…

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Americans are only at the beginning of weather related expenses

J.D. Power and Associates has released the results of study that indicated that a sizeable percentage of consumers who are in weather disaster-prone regions do not have adequate home insurance coverage. The United States may be the richest country in the world, but severe weather can still threaten its people and businesses. There are two primary socio-economic issues that impact the amount of economic loss that results from this type of catastrophe. They are: value at risk and population exposure. The 2011 U.S. National Homeowners Insurance Study showed that even…

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