PERILS AG has today disclosed its second loss estimate for the floods in the UK from 04 to 24 December, 2015, following storm Desmond.
The revised estimate of the property insurance market loss is GBP 662 million. This compares to the initial loss estimate of GBP 717m which was issued by PERILS on 15 January 2016.
Storm Desmond was identified and named by the UK Met Office / Met Éireann. The storm, which was also named Ted by the Free University of Berlin, brought record-breaking rainfall mainly to the Northwest of England, where it fell on ground already saturated from a series of depression systems during November. This led to severe flooding which mainly affected the counties of Cumbria and Lancashire, with the floods peaking on 5 and 6 December 2015.
Subscribers to the PERILS Industry Exposure and Loss Database can access more information on the Desmond floods in the “Industry Loss” section of the website.
In line with the PERILS loss reporting schedule, the third flood loss estimate for Desmond will be published on 4 June 2016. This estimate and any subsequent loss estimates will be provided in full resolution, i.e. by CRESTA zone and by the property sub-lines Residential and Commercial.
PERILS is an insurance industry initiative aimed at improving the availability of catastrophe insurance market data. PERILS’ industry data are based on information exclusively received from insurance companies writing business in the territories covered by PERILS. The data provided are quality controlled and aggregated, and subsequently extrapolated to industry (or market) level. The resulting industry benchmark data are available to all interested parties via a subscription service.
PERILS offers industry exposure and event loss data and an associated industry loss index service for Europe windstorm, UK flood, Italy earthquake and flood and Turkey earthquake and flood.