Zurich-based catastrophe insurance data provider PERILS has placed a £368 million final industry loss estimate of the flooding that took place across the UK during February 2020.
The floods primarily affected Wales and the Midlands and Yorkshire in England between 9 and 29 February 2020.
PERILS’ estimate is based on claims data collected from the majority of the affected insurance companies and sees the loss estimate rise from the previously-predicted £375 million.
In total, an estimated 4,800 properties were flooded with many more buildings successfully protected by flood defences.
PERILS adds that compared to previous major flood events, losses from the February floods are the highest since the flooding seen in December 2015.
Also known as the Desmond and Eva-Frank Floods, the 2015 floods cost the industry £1.1 billion at the time.
PERILS underlines how they pale in comparison to the extreme summer floods of June/July 2007 which generated an industry loss at the time of £3.0 billion.
“While the industry loss from the February 2020 Floods was not exceptional per se, it contributed to other weather-related losses experienced during the winter 2019/2020,” Dalida Bachmann, Head of Client Relationships at PERILS.
“We estimate that the floods in November and December 2019 and wind-related losses from storms Ciara, Dennis and Jorge in February 2020 have cost the UK insurance industry approximately GBP 410 million.
“Adding this amount to the GBP 368 million loss figure for the February 2020 floods, the resulting total industry loss figure from both wind and flood during the 2019/2020 UK winter is approximately GBP 778 million.
“This is in sharp contrast to the current winter 2020/2021 during which no windstorm or flood event has exceeded the PERILS loss capturing threshold of EUR 200 million to date.”
