Catastrophe data aggregator PERILS has now finalised its insurance industry loss estimate for the severe flooding experienced across parts of Central Europe and Italy in September 2024 due to storm Boris, lowering the total by almost 2% to €2.153 billion.
The storm then moved back towards central Italy continuing to generate heavy downpours that resulted in severe flooding across the regions of Emilia-Romagna and Marche.
PERILS initial insurance industry loss estimate for the event was €1.886 billion, reported in early November 2024.
Then, in December that year, PERILS raised its industry loss estimate by just over 10% to €2.08 billion.
In March 2025, PERILS reports that its industry loss estimate had risen by 5% to €2.19 billion.
Now, PERILS has reported the final estimate of insurance and reinsurance market losses at €2.153 billion, which is 14% higher than the first estimate the data aggregator had provided.
Most of the insurance market impact occurred in Austria, the Czech Republic and Poland, with Italy and Slovakia also impacted, PERILS explained.
This industry loss estimate is based on a combination of the standard PERILS methodology (now PERILS CORE), which involves grossing up loss data provided by affected insurers to 100% market level, and the former CRESTA CLIX methodology (now PERILS EXTENDED), which is based on expert evaluation of a broad range of insurance industry sources.
Luzi Hitz, Product Manager at PERILS, said, “This event was remarkable in several aspects. Firstly, it was
accurately predicted by weather models well in advance, allowing sufficient time for preparation. Secondly, very
early market loss estimates during or immediately after the event, often providing loss ranges, were remarkably
accurate. And thirdly, the event was efficiently handled by the insurance industry in the affected countries
together with their reinsurance partners.
“Nevertheless, as with every major Cat event, there are lessons to be learned. For example, there
is the need to tackle outdated policy conditions resulting in under-insurance. Moreover, non-insurance of the
flood peril in general means a significant portion of the overall economic loss, which we estimate at EUR 7.6bn,
remained uninsured.”
Christoph Oehy, CEO of PERILS, added, “This event provides an excellent example of the advantages of
combining PERILS CORE and PERILS EXTENDED, which has been well received by the risk transfer market. Already,
we have seen numerous industry-loss transactions carried out using PERILS CORE and/or PERILS EXTENDED as the
protection trigger, including earthquake Japan and Chile, as well as windstorm Europe including CEE countries.
This rapid adoption provides further motivation to continue listening to market needs and responding
accordingly.”
