insured loss

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).

The recent UK flood event, which struck in the last few days in the northwest largely affecting Cumbria, has now been officially placed ‘under investigation’ by insurance and reinsurance industry loss data aggregator PERILS AG.

PERILS AG, the provider of industry-wide European catastrophe exposure, industry loss data and indices, is actively looking into this weekends UK windstorm Desmond to see whether it deserves full investigation as either a wind or flooding event.

PERILS AG, the provider of industry-wide European catastrophe exposure, industry loss data and indices, has launched a new website called Wind-Jeannie which provides forecasts of potential industry losses from European windstorms.

PERILS AG has lowered its insurance industry loss estimate for January 2015’s European windstorms Elon-Felix from the last report of €335m down to a reduced €328m, which is back to where the first estimate for this storm was reported.

Two market factors are likely responsible for a slow-down in the use of industry loss data provided by PERILS AG, the excess capital in reinsurance has reduced the need for retrocession, while the rise of indemnity trigger popularity has dominated trigger use.

PERILS AG, provider of industry-wide European catastrophe exposure, industry loss data and indices, has released an updated estimate of €335m for insurance industry losses from January’s European windstorms Elon-Felix.

PERILS AG, the Swiss headquartered provider of industry-wide European catastrophe exposure, industry loss data and indices, has released its first estimate for the 2014/15 season, with an estimate of €328m for European windstorms Elon-Felix.

The final insurance industry loss estimate for European windstorm Tini, which struck in February 2014, has been put at at €286m by PERILS AG, the Swiss headquartered provider of industry-wide European catastrophe exposure, industry loss data and indices.