Zurich - 22 Apr 2024
PERILS has today disclosed its third industry loss estimate for the floods and storms caused by low-pressure systems Babet (Viktor) and Aline (Wolfgang) over the British Isles and northwestern Europe during the period of 18 to 22 October 2023.
In its third loss report, provided in the form of a detailed industry loss footprint, PERILS estimates that the event has cost the insurance industry a total of EUR 691 million. This figure is based on loss data collected from affected insurers and covers the property line of business. The majority of the Babet-Aline losses were related to flooding in the UK.