Perils has revised its insured loss estimate for Extratropical Windstorm Goretti to €479 million ($795.69 million).

The storm formed over the English Channel, bringing record wind, wave and rainfall levels, plus snow and ice damage, to northern France, parts of southwest England and Belgium on January 8-9.

About 75% of losses were recorded in France, particularly in the Manche and Calvados regions.

The catastrophe modeller estimated losses of €467 million ($776 million) in a February assessment on the storm, which has also been referred to as Elli.

It was the second-costliest windstorm to hit Europe this season, following Nils, which struck southwest France and caused a projected €586 million ($983.48 million) in insured losses.

Perils product manager Luzi Hitz says this year’s European storm season was “relatively benign”, with only two events exceeding loss-capturing thresholds of €300 million ($498.34 million) for a single country and €500 million ($830.57 million) for a Europe-wide event.

“While the impact of this season on the (re)insurance industry has been more limited, recent history shows that European windstorm seasons can be considerably more severe,” Mr Hitz said.

“(Re)insurers should therefore remain well prepared for the potential of more severe seasons ahead.”