European Windstorm Seen Costlier
NU Online News Service, Nov. 5, 9:37 a.m. EST?British and European insured losses from Windstorm Jeanette could hit U.S.$1.19 billion-three times costlier than initial estimates, according to Risk Management Solutions, Inc.
The Newark, Calif.-based firm said the new figure was based on additional information and windfield analysis revealing "a more damaging windfield for the storm, particularly in the Netherlands and Germany."
RMS said it believes total damages may exceed U.S. $1.49 billion after analyzing windspeed recordings and adjusting them for terrain conditions at each data collection sight. The company first put total damages at $997 million and insured loss at $299.1 million.
According to Richard Dixon, RMS senior meteorologist, "Windspeeds for this storm are right at the margin of thresholds where building damage begins to occur."
The storm, besides causing structural damage, knocked out power and disrupted transport through Wales and the English Midlands.
RMS said that estimates for insured losses in the Netherlands alone amount to U.S.$99.7 million.
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