Storm Desmond insured losses of over $1 billion in U.K.: Perils

Swiss insurance data firm Perils A.G. said that floods from Storm Desmond caused insured and reinsured losses of £717 million ($1.03 billion) in the United Kingdom, Artemis.bm reported.

Another £42 million of windstorm losses have also been caused by Desmond, said Perils.

It has been reported that some insurance-linked securities funds have small exposures to flooding in the nation.

This is Perils' first loss estimate for Desmond.

It will release its second and third estimate for the storm on March 4 and June 4, respectively.

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