Flood Re

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.

The insurance and reinsurance industry loss estimate from the UK flooding that hit the country in December 2015 and early January 2016 is now £1.135 billion ($1.56bn), after the estimate for storms Eva – Frank fell by 7%, according to PERILS AG.

PERILS AG, provider of industry-wide European catastrophe exposure, industry loss data and indices, has reduced its estimate insurance or reinsurance market losses from UK floods due to storm Desmond in December 2015 by another 10% down to £597m ($860m).

Uncertainty surrounding climate change and its influence on increased frequency and severity of extreme weather events raises questions about the funding adequacy of the UK’s government-backed reinsurance scheme Flood Re, according to Fitch Ratings.

The insurance and reinsurance industry loss from the flooding that struck the UK in December 2015 and early January 2016 is now estimated at £1.24 billion ($1.75bn) as the estimate for storms Eva – Frank rises 10%, according to PERILS AG.

PERILS AG, provider of industry-wide European catastrophe exposure, industry loss data and indices, has lowered its estimate of insurance or reinsurance market losses from the UK flooding caused by storm Desmond at the beginning of December 2015 to £662m ($940m).

The insurance and perhaps reinsurance industry loss due to UK flood damage caused by storms Eva & Frank in December and other low pressure systems in January, is estimated to have cost the industry £526 million ($770m or €685m), according to PERILS AG.

Flood Re, the UK’s government-backed reinsurance scheme designed to make flood insurance more accessible to property owners, has successfully added another roughly £800m of cover to the £1.29 billion of retrocession it secured in 2015, to complete its £2.1 billion ($3.025bn) reinsurance program.

The UK flooding caused by storm Desmond at the beginning of December is estimated to have caused £717 million ($1.035 billion or €950m) of insurance, and perhaps reinsurance, industry losses, according to PERILS AG.

The Association of British Insurers (ABI) has reported that the recent UK flooding will cost insurers at least £1.3 billion ($1.9 billion). At the same time the loss, at whatever its final level, has been reported to cause attritional loss to some ILS funds.