PERILS AG, provider of industry-wide European catastrophe exposure, industry loss data and indices, has finalised its industry loss estimate for the UK floods due to storm Desmond that struck the country in December 2015 at £604 million.
PERILS previous loss estimate for the flooding from storm Desmond, published in June, had been £597m, but prior to that the estimate had been as high as £717m published on 15th January.
European windstorm Desmond hit the UK on the 4th December, with flooding impacts that peaked around the 5th and 6th of December in the northwest of England.
Losses suffered from storm Desmond fell mostly to primary insurance companies, with a small amount hitting reinsurance firms. Some ILS fund managers reported minimal exposure to the floods, but ILS fund losses were only attritional at worst.
This final loss estimate for the insurance and reinsurance losses caused by storm Desmond and other low pressure flooding sees PERILS providing data in full resolution, with information provided by CRESTA zone (area code), and broken down by residential and commercial property lines.
PERILS loss report also contains three different flood intensity measures: the percentage of area flooded within each CRESTA zone; the average water depth within each zone; and the maximum gauge height above the 5% gauge level within each zone.
Added to PERILS most recent estimate for industry losses due to flooding from storms Eva-Frank, of £538m in June, the combined December 2015 and early January 2016 UK flooding insurance and reinsurance industry loss estimate now stands at £1.142 billion.
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