PERILS Raises Insured Property Loss Estimate for UK Storms Eva & Frank to £578M

Property insurance market losses from flooding brought by UK storms Eva and Frank have risen to £578 million ($818.9 million), compared to an initial loss estimate of £526 million ($745.2 million), according to PERILS, the independent Zurich-based organization that provides industry-wide catastrophe insurance data.

In late December, storms Eva and Frank hit the UK, which brought additional low pressure systems in early January 2016. Together with losses from the “Desmond” floods in the first half of December 2015, which amounted to £662 million ($937.9 million), the total property industry loss for the UK floods in December and early January currently adds up to £1.24 billion ($1.76 billion), PERILS said.

PERILS said that subscribers to its Industry Exposure & Loss Database can access more information on the “Eva-Frank” floods in the “Industry Loss” section of the PERILS Portal.

In line with the PERILS loss reporting schedule, which provides a minimum of four loss reports per covered event which are released 1.5, 3, 6, and 12 months after the event start date, the third flood loss estimate for the “Eva-Frank” floods will be released on June 24, 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 said.