Industry loss index provider PERILS published its second estimate for the mid-July storm system, which it calls SCS Cerry, on 20 October. It now puts the insurance market loss at €2,806m, about 28% above the €2,186m first estimate it issued at the end of August. The storms struck Germany, France, Switzerland and Italy between 13 and 19 July.
According to Artemis, the estimate is built from loss data supplied by affected insurers and covers property and motor business. PERILS plans a third estimate on 19 January 2027.
The revision came one day after PERILS put the first industry loss for the late-August outbreak known as Raphaela, which hit parts of western Europe on 26-28 August, at €3,296m. On PERILS figures, the two summer storm systems together now exceed €6bn of insured loss.
PERILS and its Canadian subsidiary CatIQ also raised their estimate for the storms of 2-3 September in southern Ontario, including Toronto, to C$671m from C$563m, with a further update due on 3 December, Artemis reported. PERILS product manager Luzi Hitz said the updates show that convective storms are a major risk for insurers in Europe and Canada, pointing to more exposed assets such as solar panels and roof windows, economic growth and a warmer climate that produces more damaging storms.
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PERILS AG ↗Company · 20 Oct 2026
This is an original brief based on the linked publication. Company statements and forecasts are attributed to their source.
