Swiss catastrophe data company Perils’ initial loss estimate for Extratropical Cyclone Friederike (also known as David) is €1.46 billion ($2.3 billion).

The storm caused significant damage across the British Isles, Belgium, the Netherlands and Germany on January 17 and 18, recording gusts of up to 203kmh and killing 12 people.

Perils Head of Products Eduard Held says while the market loss was significant, there have been 12 more severe European windstorms in the past 40 years.

“On this basis, we would estimate the Europe-wide market loss level of Friederike would be reached or exceeded on average once every 3-4 years,” he said.

“However, for Germany and the Netherlands alone, the return period for the respective market loss levels would be higher.”

An updated estimate of the market loss will be provided on April 17.