PERILS estimates storms Eva & Frank losses at £526m
PERILS, the Zurich-based organisation that provides catastrophe insurance data, has released its initial loss estimate from the UK floods stemming from storms Eva and Frank in December 2015, and further low pressure systems in early January 2016.
The initial estimate of the insured property market loss for the flood damage during the period from December 25, 2015 to January 14, 2016 is £526 million.
The windstorm losses for the same period are estimated to be in the low double-digit millions but are not part of PERILS’ flood loss estimate announced today.
Storm Eva was identified and named by the UK Met Office/Met Éireann, with the heavy rain following Eva affecting the UK from December 25 onwards. A subsequent storm system was named Frank, with heavy rainfall associated with Frank affecting the UK from December 29 onwards.
The record-breaking amount of rain falling on water-saturated ground led to extensive surface water and river flooding from December 25 onwards, with the flooding mainly impacting the counties of Lancashire, Greater Manchester and Yorkshire in the North of England, the councils of Ayrshire and Dumfries & Galloway in Southwest Scotland, and the councils of Aberdeenshire, Angus and Perth & Kinross in Northeast Scotland.
In line with the PERILS loss reporting schedule, the second flood loss report for Eva-Frank will be made available on March 25, 2016, and will be followed by a third loss report on June 25 2016.
