Zurich-based catastrophe insurance data provider PERILS has disclosed an initial industry loss estimate of €509 million for the Babet-Aline floods and storms over the British Isles and northwestern Europe in October 2023.
In line with the PERILS coverage definition for Europe, this loss number covers the property line of business. The majority of the industry losses – GBP 329 million – occurred in the UK.
Luzi Hitz, Product Manager at PERILS, commented, “Storm Babet brought record rainfalls across eastern Scotland and record storm surge levels along the Baltic coastlines of Denmark and Germany.
