Insured losses from UK's Storm Bert could hit $440 mln, PwC says
Releads with PwC's estimate of losses
LONDON, Nov 27 (Reuters) -Insured losses from Storm Bert in Britain will reach between 250 million and 350 million pounds ($442 million), largely linked to claims from the flooding of residential homes, PwC estimated on Wednesday.
PwC's estimate is bigger than that of Morningstar DBRS, which said earlier on Wednesday that insured losses should come in below 150 to 200 million pounds ($252 million), based on losses from past similar events.
Storm Bert battered the country over the weekend, causing widespread flooding and killing four people.
"The losses will principally arise from home insurance claims due to damage from flooding and high winds, while businesses additionally face losses from being unable to trade and damages to stock and other property," Mohammad Khan, head of general insurance, PwC UK, said in emailed comments.
"Storm Conall may exacerbate the damage caused by Storm Bert as well as cause flooding in new areas in the UK," Khan added, referring to another major storm that followed Bert.
($1 = 0.7920 pounds)
Reporting by Carolyn Cohn and Tommy Reggiori Wilkes, Editing by Iain Withers and Bernadette Baum
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
