Predicted insured losses as result of Storm Christoph, which caused widespread flooding across England and Wales this week, could reach £120 million, according to PwC.
“It is still very early to say what the impact on the general insurance industry will be but based on the current weather, PwC estimates that the losses from Storm Christoph will be between £80m – £120m,” said Mohammad Khan, general insurance leader at PwC UK.
“This is clearly dependent on what future rainfall occurs but currently would be less than the losses that occurred from Storm Ciara last year.”
“Due to the existence of Flood Re, homeowners who have seen their properties flooded will not necessarily see an increase in the flood element of their premiums on renewal, following the recent storms and current weather. Flood Re charges a fixed premium for the flood element of home insurance for properties built in 2009 and prior.”
The storm caused extensive disruption and damage across large swathes of the UK. Three severe ‘danger to life’ flood warnings were in place in the North West and two in Wales after homes were evacuated overnight.
About 2,000 properties in Greater Manchester had to be vacated as flooding and heavy snow hit the region.
The Environment Agency’s warnings were the North West are at the English River Dee at Farndon, the River Bollin and Agden Brook at Little Bollington, and the River Bollin at Heatley.
The two issued by Natural Resources Wales were at Bangor on Dee, where the entire village was ordered to leave their homes and in Lower Dee Valley from Llangollen to Trevalyn Meadows.
Police declared a major incident in Bangor on Dee and told people to go to a local school and wait for emergency 4×4 vehicles rather than trying to leave on their own.
More than 170 ‘immediate action required’ flood warnings were in force – mostly across the Midlands and North, as well as 195 amber alerts.
Wales had 31 flood warnings and 35 alerts.
A major incident was declared in Greater Manchester as people were evacuated from their homes, while emergency workers were called out to protect supplies of the Oxford vaccine as a massive warehouse in Wrexham storing the supply was at risk of flooding.
Leader of Wrexham Council, Mark Pritchard, told Sky News there were “serious concerns” about the issue – which could have had an impact on vaccine supplies – but workers were successful in protecting the warehouse.
In Greater Manchester, police and firefighters helped evacuate homes and a spokesman for Manchester City Council said about 2,000 homes would be evacuated in total.
Flooding also blocked the East Coast Main Line between Darlington and York, with services between Leeds and York also affected, according to train operator LNER.