Zurich - 24 Mar 2016
PERILS AG has today disclosed its second loss estimate for the floods in the UK which occurred between 25 December 2015 to 14 January 2016 following storms Eva and Frank in late December, and further low pressure systems in early January 2016.
The revised estimate of the property insurance market loss is GBP 578m. This compares to the initial loss estimate of GBP 526m which was issued by PERILS on 5 February 2016. Together with the losses from the «Desmond» floods in the first half of December 2015, which amounted to GBP 662m as stated in the 2nd loss report released by PERILS on 4 March 2016, the total property industry loss for the UK floods in December and early January currently adds up to GBP 1’240m.
Subscribers to the PERILS Industry Exposure & Loss Database can access more information on the «Eva-Frank» floods in the «Industry Loss» section of the PERILS Portal.
In line with the PERILS loss reporting schedule, which provides a minimum of four loss reports per covered event which are released 1.5, 3, 6, and 12 months after the event start date, the third flood loss estimate for the «Eva-Frank» floods will be released on 24 June 2016. This estimate and any subsequent loss estimates will be provided in full resolution, i.e. by CRESTA zone and by the property sub-lines Residential and Commercial.