Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
Quick links:
  • Home
  • The Actuary Issues
  • December 2012
12

Flood insurance losses 'to top £1bn this year'

Open-access content 7th December 2012

Losses from last month’s flooding in England and Wales are expected to make 2012 the costliest flood insurance year since 2007, Aon Benfield revealed yesterday.

2

The reinsurer's latest monthly Global catastrophe recap report cited figures from PricewaterhouseCoopers which had put the cost of the flooding to insurers at up to £500m.

This would raise UK flood insurance losses for 2012 to around £1bn - the highest total since 2007 when over £3bn worth of claims were processed, according to the report, compiled by Impact Forecasting.

Last month also saw excessive rain lead to flooding along the Drava and Sava in Slovenia and neighbouring Croatia. This damaged more than 4,500 structures and resulted in an estimated economic loss of €209m.

Steve Jakubowski, president of Impact Forecasting, said: 'Europe traditionally suffers periods of flooding throughout the year, and since it is a highly insurable peril across a large proportion of the continent, insurance losses can be significant.'

In Central America, last month saw a magnitude-7.4 earthquake strike off the coast of Guatemala, killing at least 52 people and affecting at least 30,870 homes. Over $102m was made available to assist with the recovery.

There was also a magnitude-6.8 earthquake in northern Burma which killed 26 people and damaged thousands of homes and other structures. Around $1.17m was made available for disaster relief, the report noted.

Australia was hit by two periods of severe weather, with one particularly affecting areas of southeast Queensland and northern New South Wales. 'Softball-sized' hail caused 'significant damage', while flash floods and high winds damaged trees and power lines.

According to local insurers, 10,000 home and auto claims have already been filed and payouts are expected to reach at least $105m.

This article appeared in our December 2012 issue of The Actuary.
Click here to view this issue
Filed in:
12
Topics:
Reinsurance
Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

Senior Actuarial Analyst - Reinsurance Pricing

£40000 - £50000 per annum + bonus and excellent benefits
Reference
118841

Underwriting Assistant - Property (Lloyd's)

London (Central)
£30000 - £40000 per annum + benefits
Reference
118840

Reinsurance Pricing Lead

London (Central)
Negotiable
Reference
118839
See all jobs »
 
 

Most-Popular

 
 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2020 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited, Level 5, 78 Chamber Street, London, E1 8BL. Tel: 020 7880 6200