PERILS reveals second UK floods estimate

PERILS, provider of European catastrophe insurance data, has estimated its second loss estimate for the floods in the UK which occurred between 25 December 2015 to 14 January 2016 following storms Eva and Frank in late December, and further low pressure systems in early January 2016.  The revised estimate of the property insurance market loss is £578 million. This compares to the initial loss estimate of £526m which was issued by PERILS on 5 February, 2016. Together with the losses from the Desmond floods in the first half of December 2015, which amounted to £662 million as stated in the second loss report released by PERILS on 4 March, 2016, the total property industry loss for the UK floods in December and early January currently adds up to £1.24 billion.