Insurance costs of Storm Babet initially estimated to be between £450 and £650 million due to impact of flooding as England and Channel Islands prepare for Storm Ciarán - PwC UK
Fresh estimates by PwC UK calculate the costs of damage due to the severe weather caused by Storm Babet to be between £450 and £650 million.
Mohammad Khan, General Insurance Leader at PwC UK, said:
"Given the extent of flooding we've observed and the subsequent damage of residential and commercial properties, we project the insurance losses from Storm Babet to range between £450 and £650 million.
“The significant insurance outlays suggest that additional alerts regarding the potential repercussions of Storm Ciarán in England and the Channel Islands could escalate these costs.
“The Met Office has released yellow and amber warnings, indicating danger to people and buildings. Forecasted winds of up to 80mph, coupled with structural damage and flying debris, may compound existing financial costs.
“While Storm Babet's severity was anticipated, the upcoming Storm Ciarán could exacerbate the damage."
ENDS
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