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Insurance Costs from Storm Joachim May Cost over 300 Million Euros

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Windstorm Joachim, which tore through France, Germany, and Switzerland earlier this winter, may cost property insurers 300 million euros, according to Zurich-based insurance industry initiative PERILS AG. The storm which struck between December 15-17, 2011, produced winds of up to 212 km/h or 132 mph and caused power outages, train delays, and closures throughout Western Europe.

PERILS reports that “the majority of the losses occurred in France, with losses also occurring in Germany and Switzerland. PERILS’ market loss estimate is based on ultimate gross loss data as reported by primary insurance companies and excludes losses indemnified by the French CatNat government scheme.”

According to Bloomberg, the European insurance industry’s most expensive storm on record was winter storm Lothar, “which caused $5.9 billion in insured losses in 1999, according to estimates by reinsurer Munich RE.”

While property damage like this can’t always be prevented, it can be mitigated. For example, transportation organizations whose services are disrupted by falling trees can take proactive measures to protect the rest of their assets and to keep customers safe in harsh conditions. To that end, companies around the world use Send Word Now’s automated notification system to facilitate instant alerts to employees, communicate with customers, and coordinate timely exchanges between insurance brokers and clients.