{"id":744,"date":"2024-04-25T08:39:58","date_gmt":"2024-04-25T08:39:58","guid":{"rendered":"https:\/\/wdenis.co.uk\/?p=744"},"modified":"2024-05-01T08:27:24","modified_gmt":"2024-05-01T08:27:24","slug":"uk-flood-damages-in-2023-continue-to-increase-insurance-industry-losses","status":"publish","type":"post","link":"https:\/\/wdenis.co.uk\/eu-en\/blog\/2024\/04\/25\/uk-flood-damages-in-2023-continue-to-increase-insurance-industry-losses\/","title":{"rendered":"UK flood damages in 2023 continue to increase insurance industry losses"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"744\" class=\"elementor elementor-744\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7b84600e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7b84600e\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-465ac639\" data-id=\"465ac639\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-427a1521 elementor-widget elementor-widget-text-editor\" data-id=\"427a1521\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><\/p>\n<p>The latest Perils industry loss estimate for\u00a0the damage caused by storms\u00a0Babet and Aline in 2023 has reached \u00a3597m (\u20ac691m) with the majority of the losses in the UK.<\/p>\n<p>Perils, an independent Zurich-based organisation providing industry-wide natural catastrophe exposure and event loss data, estimated losses in December of \u00a3439m (\u20ac509m) but that had risen in January to \u00a3590m (\u20ac683m).<\/p>\n<p>Now, that figure has climbed again and could reach a new high when the final estimate is revealed in October. The loss estimates cover the property line of business and are based on loss data collected from the affected insurance markets.<\/p>\n<p>The latest data comes as Luzi Hitz, product manager at Perils, has issued a warning over the increasing impact of climate change stating: \u201dThe warming climate will drive a rise in the frequency of winter flood events. The British Isles witnessed a record number of named storm systems, many bringing extensive rainfall leading to flooding.\u201d<\/p>\n<p>The two storms, which are defined by Perils as low pressure systems,\u00a0brought heavy rains and strong winds to the British Isles and northwestern Europe in\u00a0October 2023.<\/p>\n<p>Continuous intense rainfall resulting from a stationary weather pattern led to flooding in Ireland, Scotland and Wales along with the Midlands and Eastern regions of England. While flooding dominated the insurance industry impact in the UK and Ireland in Germany, Denmark, and Norway wind damage was the primary contributor to insurance losses.<\/p>\n<p>Hitz added: \u201cIt has been six months since the Babet-Aline Floods and during that period, many parts of Europe, and particularly the UK and Ireland, have continued to experience persistent extreme wind and rainfall events.<\/p>\n<p>\u201cWhile the region [British Isles] has seen major winter floods in the past, such as the Desmond and Eva-Frank Floods in December 2015, given milder autumn and winter temperatures, there is a greater capacity for water storage in the atmosphere, which tends to precipitate as rain rather than snow.\u201d<\/p>\n<p>Mark Dutton, director at W Denis, said: \u201cConventional insurance is not always suitable to deal with climate issues as there has to be physical loss or damage caused by a specified peril, e.g. fire or flood. However, extreme weather conditions can cause non-damage interruption to businesses\u201c. Non-conventional insurance is available from W Denis to guard against extreme conditions of weather, linked to pre-determined temperatures (hot or cold) or excessive rainfall or drought. \u201cSuch parametric insurance \u2013 a non-traditional insurance product that offers pre-specified pay-outs based upon a trigger event \u2013 should be on the agenda for risk managers to routinely review as part of their exposure management: \u201dhe added.<\/p>\n<p>W Denis are one of the largest independent insurance brokers in the UK and arrange competitive insurance solutions.\u00a0 To discuss this further with a broker at W Denis, please make arrangements with Daniel Moss at\u00a0<a href=\"mailto:daniel.moss@wdenis.co.uk\/eu-en\">daniel.moss@wdenis.co.uk\/eu-en<\/a>\u00a0or on 0044 (0)113 2439812.<\/p>\n<p><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>The latest Perils industry loss estimate for\u00a0the damage caused by storms\u00a0Babet and Aline in 2023 has reached \u00a3597m (\u20ac691m) with the majority of the losses in the UK. Perils, an independent Zurich-based organisation providing industry-wide natural catastrophe exposure and event loss data, estimated losses in December of \u00a3439m (\u20ac509m) but that had risen in January [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":745,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[5],"tags":[37],"class_list":["post-744","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-flood"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>UK flood damages in 2023 continue to increase insurance industry losses - W Denis Insurance Brokers<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wdenis.co.uk\/eu-en\/blog\/2024\/04\/25\/uk-flood-damages-in-2023-continue-to-increase-insurance-industry-losses\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UK flood damages in 2023 continue to increase insurance industry losses - W Denis Insurance Brokers\" \/>\n<meta property=\"og:description\" content=\"The latest Perils industry loss estimate for\u00a0the damage caused by storms\u00a0Babet and Aline in 2023 has reached \u00a3597m (\u20ac691m) with the majority of the losses in the UK. Perils, an independent Zurich-based organisation providing industry-wide natural catastrophe exposure and event loss data, estimated losses in December of \u00a3439m (\u20ac509m) but that had risen in January [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wdenis.co.uk\/eu-en\/blog\/2024\/04\/25\/uk-flood-damages-in-2023-continue-to-increase-insurance-industry-losses\/\" \/>\n<meta property=\"og:site_name\" content=\"W Denis Insurance Brokers\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-25T08:39:58+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-01T08:27:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wdenis.co.uk\/eu-en\/wp-content\/uploads\/sites\/5\/2024\/04\/floodchoice.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2500\" \/>\n\t<meta property=\"og:image:height\" content=\"1731\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Libbie\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Libbie\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/wdenis.co.uk\\\/eu-en\\\/blog\\\/2024\\\/04\\\/25\\\/uk-flood-damages-in-2023-continue-to-increase-insurance-industry-losses\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/wdenis.co.uk\\\/eu-en\\\/blog\\\/2024\\\/04\\\/25\\\/uk-flood-damages-in-2023-continue-to-increase-insurance-industry-losses\\\/\"},\"author\":{\"name\":\"Libbie\",\"@id\":\"\\\/#\\\/schema\\\/person\\\/9e3b918f012576046d2fb8280f7c5a7e\"},\"headline\":\"UK flood damages in 2023 continue to increase insurance industry losses\",\"datePublished\":\"2024-04-25T08:39:58+00:00\",\"dateModified\":\"2024-05-01T08:27:24+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/wdenis.co.uk\\\/eu-en\\\/blog\\\/2024\\\/04\\\/25\\\/uk-flood-damages-in-2023-continue-to-increase-insurance-industry-losses\\\/\"},\"wordCount\":478,\"commentCount\":0,\"publisher\":{\"@id\":\"\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/wdenis.co.uk\\\/eu-en\\\/blog\\\/2024\\\/04\\\/25\\\/uk-flood-damages-in-2023-continue-to-increase-insurance-industry-losses\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/wdenis.co.uk\\\/eu-en\\\/wp-content\\\/uploads\\\/sites\\\/5\\\/2024\\\/04\\\/floodchoice.jpg\",\"keywords\":[\"Flood\"],\"articleSection\":[\"news\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/wdenis.co.uk\\\/eu-en\\\/blog\\\/2024\\\/04\\\/25\\\/uk-flood-damages-in-2023-continue-to-increase-insurance-industry-losses\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/wdenis.co.uk\\\/eu-en\\\/blog\\\/2024\\\/04\\\/25\\\/uk-flood-damages-in-2023-continue-to-increase-insurance-industry-losses\\\/\",\"url\":\"https:\\\/\\\/wdenis.co.uk\\\/eu-en\\\/blog\\\/2024\\\/04\\\/25\\\/uk-flood-damages-in-2023-continue-to-increase-insurance-industry-losses\\\/\",\"name\":\"UK flood damages in 2023 continue to increase insurance industry losses - 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