PERILS offers second Storm Desmond insurance loss estimate

PERILS, the catastrophe insurance data firm, has given its second estimate of the property insurance market loss of last December’s Storm Desmond as £662 million.

This compares with its initial loss estimate of £717 million, which was issued by PERILS on 15 January 2016.

The storm, which hit the UK between 4-24 December 2015, 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.

In line with the PERILS loss reporting schedule, the third flood loss estimate for Desmond will be published on 4 June 2016.