PERILS ups industry loss estimate for Babet-Aline floods and storms to €683m

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Zurich-based catastrophe insurance data provider PERILS has disclosed its second industry loss estimate for the floods and storms caused by Babet (Viktor) and Aline (Wolfgang) over the British Isles and northwestern Europe in October 2023, increasing the figure to €683 million.

perils-ag-logoThis compares to an initial loss estimate of 509 million, which was issued by PERILS on 4 December 2023, six weeks after the event end date.

PERILS explained that the loss estimate covers the property lines of business, and is based on loss data collected from the affected insurance markets which include Ireland, the United Kingdom, Germany, Denmark, and Norway.

Outlining the particulars of the event, PERILS said, “The low-pressure systems Babet and Aline brought several days of extreme weather to the British Isles and northwestern Europe.

“The long period of heavy rains and high winds was caused by a high-pressure system over Scandinavia blocking the low-pressure systems and leading to a stationary situation.

“Incessant rain over Ireland, Scotland, northern England and Wales overwhelmed river and drainage capacities and led to flash and river flooding.”

The resulting loss to the insurance industry in the UK (£467 million) and Ireland was dominated by these flood losses, with wind damage playing a subordinate role.

Meanwhile, wind damage was the dominant contributor to the insurance loss in Germany, Denmark, and Norway, despite the severe storm surge damages along the Baltic coast in Germany and Denmark.

However, PERILS noted that these losses are not widely covered in Germany and are not covered by the private insurance industry in Denmark where such losses are covered by the Danish “Naturskaderådet” government scheme.

The post PERILS ups industry loss estimate for Babet-Aline floods and storms to €683m appeared first on ReinsuranceNe.ws.

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