U.K. storm Desmond estimated to cost 662 million pounds: PERILS AG

PERILS AG has revised its estimate of the property insurance market loss from United Kingdom storm Desmond to 662 million pounds, down 55 million pounds from the original loss estimate of 717 pounds.

Zurich-based PERILS, an industry initiative aimed at improving the availability of catastrophe insurance market data, disclosed its second loss estimate on Friday. The initial loss estimate was issued by PERILS on Jan. 15. [click image below to enlarge]

Storm Desmond occurred in the U.K. from Dec. 4 to 24, 2015, PERILS said in a media release. The storm brought record-breaking rainfall mainly to the northwest of England, where it fell on ground already saturated from a series of depression systems during November. This led to severe flooding – mainly in the counties of Cumbria and Lancashire, with the floods peaking on Dec. 5 and 6.

PERILS reported that the third flood loss estimate for Desmond will be published on June 4.

Early last month, PERILS released a 536 million pound estimate for flood damage related to two other U.K. storms, Eva and Frank. 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 reported at the time. 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.