Storm Bert's Soaring Insurance Claims: A Heavy Financial Toll

PwC estimates insured losses from Storm Bert in Britain to be between 250 million and 350 million pounds, mainly from residential flooding. This surpasses Morningstar DBRS' forecast of below 150 to 200 million pounds. Storm Bert caused widespread flooding and fatalities, with potential exacerbation by Storm Conall.

Insured losses from Storm Bert in Britain are projected to be between 250 million and 350 million pounds ($442 million), according to an estimate by PwC announced on Wednesday. The bulk of the claims stem from residential flooding.

This estimate from PwC exceeds that of Morningstar DBRS, which earlier placed insured losses below 150 to 200 million pounds ($252 million), drawing on data from similar past events. The storm wreaked havoc across the country over the weekend, resulting in extensive flooding and the loss of four lives.

"The losses will primarily come from home insurance claims due to flooding and high winds," said Mohammad Khan, PwC UK's head of general insurance. He warned that businesses also face financial hits from trade disruptions and property damage. Khan also mentioned that Storm Conall could worsen the situation, introducing new flooding threats across the UK.

(With inputs from agencies.)