Loss Announcement:

PERILS discloses third loss estimate for UK floods «Desmond» of GBP 597m

Zurich - 03 Jun 2016

PERILS AG has today 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. 

The revised estimate of the insured property market loss is GBP 597m. This compares to the second loss estimate of GBP 662m 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.

The third PERILS 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» in three weeks’ time.

Subscribers to the PERILS Industry Exposure & Loss Database can access more information on the «Desmond Floods» in the «Industry Loss» section of the PERILS Portal.

In line with the PERILS loss reporting schedule, the fourth flood loss estimate for the «Desmond Floods» will be published on 4 December, 12 months after the event start date. It will again be provided in full resolution, i.e. by CRESTA zone and by the property sub-lines Residential and Commercial.