Initial Insured Losses for UK’s February Floods Estimated at £297M (US$367.8M): PERILS

April 2, 2020

Initial insured losses for the floods that hit the UK in February are estimated at £297 million (US$367.8 milion), according to PERILS, the independent Zurich-based organization that provides industry-wide catastrophe insurance data.

These floods mainly affected northern England, Wales, and to a lesser extent Northern Ireland and Scotland from Feb. 9 to 29, 2020.

The floods in the UK were the result of record-breaking rainfall from three named storms — Ciara, Dennis and Jorge — on saturated grounds which led to extensive river flooding, said PERILS, which calculates its loss estimates using claims data from affected insurance companies.

The river flooding affected the English regions of the West Midlands, North West and Yorkshire and the Humber, as well as Wales and parts of Northern Ireland and Scotland. While an estimated 4,800 properties were damaged, many other locations were successfully protected by flood defenses.

The resulting losses to the insurance industry were the largest for a flood event since the winter floods of December 2015, which cost the industry £1.1 billion (US$1.4 billion) at the time. Combined with the flood losses in November 2019 and losses from the 2019/2020 windstorm season, PERILS estimates that the UK insurance industry suffered a total loss of approximately £650 million ($805 million) from flood- and wind-related events during the 2019/2020 winter period.

In line with PERILS’ reporting schedule, an updated estimate of the market loss from the event will be made available by May 29, 2020, three months after the end date of the event.

Source: PERILS

Photograph: A view of a flooded street when the River Ouse burst its banks in the aftermath of Storm Ciara, in York, England on Monday, Feb. 10, 2020. Storm Ciara battered the U.K. and northern Europe with hurricane-force winds and heavy rains, halting flights and trains and producing heaving seas that closed down ports. Photo credit: Danny Lawson/PA via AP.

Topics USA Profit Loss Flood

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