PERILS discloses third loss estimate for UK floods

PERILS, a provider of catastrophe insurance market data, has disclosed its third loss estimate for the floods in the UK from 4 to 24 December 2015 linked to storm Desmond and other low pressure systems.

According to PERILS, the revised estimate of the insured property market loss is £597 million. This compares to the second loss estimate of £662 million which was issued by PERILS on 4 March 2016.

Storm Desmond was the most prominent of a series of depression systems which affected the UK in November and the first half of December 2015. It brought record-breaking rainfall mainly to the Northwest of England with the floods peaking on 5 and 6 December 2015.

PERILS’ third loss report for the “Desmond Floods” contains loss data by CRESTA zone (area code), broken down by residential and commercial property lines. It is the first time that a detailed market loss footprint for a UK flood event has been made available. As such, the loss footprint can be used to test modelled loss footprints and assist in improving flood risk assessment for the UK.

In addition to the “Desmond Floods” report, PERILS will release its third loss report for the UK floods “Eva-Frank” around mid-June.