Flooding in the final month of 2015 will put pressure on the earnings of U.K. property insurers, according to a briefing published by A.M. Best. Initial estimates of combined insured losses from Storm Desmond, which hit the United Kingdom on …
Insurers paid out around $27 billion for natural disaster claims last year with weather causing 94 percent of incidents, underscoring the challenge posed by climate change, data from reinsurer Munich Re showed on Monday. While the climate phenomenon known as …
Torrential rain and gale force winds battered northern Britain on Wednesday, cutting power to thousands of homes and forcing some to evacuate flooded streets in the third major storm in a month. The Environment Agency said Britain had faced an …
Insurers are facing some of the costliest British floods on record as large parts of northern England, already inundated, brace for more heavy rain. Accountants estimate that insurers are currently facing a bill of up to 1.5 billion pounds ($2.22 …
Commenting on the impact of Storm Desmond, Mohammad Khan, general insurance leader at PwC UK, stated that the accounting firm’s “current estimate of the damage caused by Storm Desmond is £400 million – £500 million [$600 – $750.2 million] with …
The Association of British Insurers (ABI) has issued a bulletin reassuring homeowners and businesses hit by Storm Desmond that insurers “are doing everything possible to help them recover.” The ABI listed some of the steps insurers are taking as follows: …
