24 June 2016 Insurance

PERILS reveals third UK floods estimate

PERILS, the Zurich-based organisation that provides catastrophe insurance data, has released its third estimate for the floods in the UK which occurred between 25 December 2015 to 14 January 2016.

The floods were linked to storms Eva and Frank in late December 2015 and other low pressure systems in early January 2016.

The third estimate of the insured property market loss for the flood damage is £538 million, down from PERILS’ second loss estimate of £578 million which was issued on March 24, 2016.

Windstorm losses for the same period are estimated to be in the low double-digit millions and are not part of PERILS’ flood loss estimate.

This loss estimate for the Eva-Frank floods is separate from and in addition to the market loss caused by the Desmond floods (December 4 to 24, 2015).

A combination of the loss estimates for both events results in a total insured flood loss of £1.1 billion, with 62 percent stemming from commercial property lines and 38 percent from residential property lines.

Luzi Hitz, chief executive officer of PERILS, said: "We express our gratitude to all of the primary insurance companies which have provided us with their loss data. Without their support we would not be able to produce high-quality market data such as the loss footprints for the “Desmond” and Eva-Frank floods."

Eduard Held, head of products at PERILS, added: "With the third loss reports for the floods Desmond and Eva-Frank we are able to provide for the first time industry loss data for UK flood events at a CRESTA and line of business level of granularity. Among others, these datasets will be useful for model calibration and market benchmarking purposes.”

The fourth flood loss report for the Eva-Frank floods will be made available on December 25, 2016, twelve months after the event start date.

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk