PERILS Discloses Final Loss Estimate for UK Storm Desmond of £604M

PERILS AG has today disclosed its fourth and final loss estimate for the floods in the UK which occurred Dec. 4-24, 2015 and were linked to storm Desmond and other low pressure systems.

The revised estimate of the insured property market loss is £604 million ($758.7 million). This compares to the third loss estimate of £597 million ($749.9 million), which was issued by PERILS on June 3, 2016. (PERILS is the independent Zurich-based organization that provides industry catastrophe insurance data.)

The fourth loss report for the “Desmond Floods” provides the data in full resolution, with information provided by CRESTA zone (area code), and broken down by residential and commercial property lines, said PERILS in a statement.

In addition, for the first time it 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 percent gauge level within each zone, added PERILS.

By combining this industry loss data with the PERILS industry sums insured data for the “Desmond Floods,” subscribers are able to analyze the relationship between flood intensity and damage ratios at a CRESTA zone resolution.

Subscribers to the PERILS Industry Exposure Loss Database can access more information on the “Desmond Floods” in the “Industry Loss” section of the PERILS Portal.

Source: PERILS

Article source: http://www.insurancejournal.com/news/international/2016/12/02/433812.htm