Insurance losses from Storm Babet to range between £450m-£650m: PwC

PwC UK anticipates insurance losses from Storm Babet to range between £450 and £650 million.

The recent early autumn storms have left the UK vulnerable to flooding, resulting in extensive damage, power outages, and some fatalities.

Highlighting the extent of the subsequent damage to residential and commercial properties, Mohammad Khan, General Insurance Leader at PwC UK, has now projected the insurance losses from Storm Babet to range between £450 and £650 million.

It’s also worth noting that the more recent Storm Ciarán could exacerbate the damage, while also impacting the French insurance market.

Dr Eugenia Cacciatori, Senior Lecturer in Management at Bayes Business School, recently called for comprehensive integration of insurance into the UK’s resilience landscape.

Cacciatori underlined the urgent need for insurance schemes to become more accessible and better integrated with “broader resilience strategies to effectively combat the growing threat of weather-related disasters.”

She continued, “Integrating insurance in the wider resilience landscape is not easy and many countries are struggling with this problem. Some countries however offer useful models.

“Switzerland, for example, has insurers included in any conversation about construction and resilience, and this mindset must be adopted in the UK to alleviate the worst effects of flooding.”

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