PERILS, a Zurich-based independent organization providing catastrophe insurance data, has updated its loss estimate for the October 2023 floods and storms caused by low-pressure systems Babet (Viktor) and Aline (Wolfgang) over the British Isles and northwestern Europe during 18 to 22 October 2023.
The revised figure is EUR 683 million, up from the initial EUR 509 million reported on December 4, 2023.
PERILS estimate, which pertains to property damages, is based on data from insurance markets in Ireland, the UK, Germany, Denmark, and Norway.
The UK accounted for the bulk of the losses, amounting to GBP 467 million, primarily due to flooding.
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 and Ireland was dominated by these flood losses with wind damage playing a subordinate role. In contrast, 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, 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.
An updated estimate of the market loss from the Babet-Aline Floods and Storms will be made available on 22 April 2024, six months after the event end date.
The PERILS Industry Exposure & Loss Database is available to all interested parties via annual subscription. The database contains industry property sums insured and event loss information on a CRESTA zone level and per property line of business.
PERILS industry loss estimates provided via the PERILS Industry Loss Index Service can be used as triggers in insurance risk transactions such as industry loss warranty contracts (ILW) or insurance-linked securities (ILS).
In October 2023, the British Isles and parts of Northern Europe experienced severe weather conditions due to the storms Babet (known as Viktor in Germany) and Aline (Wolfgang).
These storms, fueled by low-pressure systems, brought gale-force winds and heavy rains, causing widespread flooding and destruction.
In the UK, Storm Babet led to significant impacts, including:
- Over 1,260 properties were reported flooded, as stated by the Environment Agency.
- Power outages affected tens of thousands of households across various regions.
- Evacuation of homes in areas such as Catcliffe, South Yorkshire, and Derbyshire due to rising river levels and flooding.
- Travel disruptions, with closures of major roads, railway service suspensions, and cancellations of ferry and air travel.
- The Met Office issued rare red weather alerts for parts of Scotland, indicating a significant risk to life from fast-flowing or deep floodwater.
- A fatality in Scotland, where a woman was swept into a river amid the storm.
The storms also caused major disruptions in other regions:
- In Ireland, major flooding and damage occurred, especially in southwestern parts, leading to the erection of flood barriers and deployment of Defence Force teams in areas like County Cork.
- Southern Denmark experienced submerged low-lying areas and fallen trees, with predictions of river surges up to 240cm above normal.
- In Scandinavia, Sweden faced the risk of extensive flooding along its southern coast, and Norway experienced bridge closures and travel disruptions.
The response to these extreme weather events included deploying temporary defenses, rescue operations, and relief efforts by various agencies and organizations, including the Environment Agency and the Japanese Red Cross Society.
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