PERILS AG disclosed its second, revised loss estimate for the floods which hit the UK from Dec. 4 to 24 following Storm Desmond.
The latest estimate of the property insurance market loss is £662 million (933.2 million), compared to the initial loss estimate of £717 million ($1 billion), which was issued by PERILS on Jan. 15, 2016.
Storm Desmond was identified and named by the UK Met Office and Met Éireann (the Irish national meteorological service. 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 Dec. 5 and 6.
Subscribers to the PERILS Industry Exposure & 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 June 4, 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.