PERILS AG has disclosed its second loss estimate of 578 million pounds for the recent floods in the United Kingdom related to storms Eva and Frank.
The most recent loss estimate, released on Thursday, is up from the initial estimate of the insured property market loss of 526 million pounds in February. Storms Eva and Frank, which occurred between Dec. 25, 2015 and Jan. 14, 2016, were followed by “further low pressure systems in early January 2016,” said a press release from PERILS, an independent Zurich-based organization that provides industry-wide catastrophe insurance data. [click image below to enlarge]
Together with the losses from the Desmond floods in the first half of December 2015, which amounted to 662 million pounds as stated in the second loss report released by PERILS on March 4, the total property industry loss for the U.K. floods in December and early January currently adds up to 1.240 billion pounds.
The heavy rain following Eva affected the U.K. from Dec. 25, 2015 onwards. Storm Frank affected the U.K. from Dec. 29 onwards. The record-breaking amount of rain falling on water-saturated ground led to extensive surface water and river flooding from Christmas Day onwards, with peaks occurring on Dec. 26-27, Dec. 30-31, Jan. 4-5 and Jan. 8-9, PERILS said in the last loss estimate.
The flooding mainly affected the counties of Lancashire, Greater Manchester and Yorkshire in the North of England, the councils of Ayrshire and Dumfries & Galloway in Southwest Scotland, and the councils of Aberdeenshire, Angus and Perth & Kinross in Northeast Scotland, PERILS reported.
The third flood loss estimate for the Eva and Frank floods will be released on June 24.