industry loss

PCS recorded 40 catastrophe events across the U.S. during 2015, making it the most active year for PCS-designated cat events since 1996, underlining the growing exposure of insurance-linked securities (ILS) funds to frequency events.

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.

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.

Insurance and reinsurance industry losses from UK winter storms and the resulting flooding that has been experienced in recent weeks could reach as much as £2.5 billion ($3.7bn), according to analysts at UBS, but the burden for the reinsurance market is uncertain with the hours clause a factor.

Consultancy PwC has raised its estimate for the insurance and reinsurance industry loss from flooding  and damage experienced in the UK from windstorms Desmond and Eva up to £1.2 billion ($1.8 billion), while storm Frank hitting the UK today will raise the toll further.

Estimates of insurance and reinsurance industry losses from the recent UK flooding caused by storms Desmond and Eva are rising, with KPMG suggesting re/insurers should expect a £1.5 billion ($2.23 billion) hit.

The United Kingdom continues to suffer from severe flooding, with the latest areas hit being Lancashire and Yorkshire, while impacts are still being felt in Cumbria. The insurance and reinsurance industry could end up paying for as much as £1 billion ($1.5 billion) of the costs, according to PwC.

The Association of British Insurers (ABI) has said that it expects the insurance and reinsurance industry to pay for around £520 million ($775m or €715m) in claims from European windstorm Desmond and the resulting flooding in the northern UK.

Global consultancy and accounting specialists PwC believe that storm Desmond, a European windstorm that struck the UK in recent days causing severe flooding in Cumbria and the northwest, could cause cost up to £500m, with insured losses of up to £325m (~$490m).