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Storms set to cost UK economy up to £3bn

By Staff Reporter

Published 31/12/2015

The trinity of winter storms - Eva, Desmond and Frank - may end up costing the UK economy up to £3bn, business adviser PwC has said.

The firm said that with 16,500 homes left without power on the island of Ireland, as well as the north of Scotland following this week's Storm Frank, the three storms could end up costing £3bn.

Mohammad Khan, general insurance leader at PwC, said Eva and Desmond had left destruction of up to £2.3bn, with insured losses of between £900m - £1.2bn.

"Our understanding is that the combined impact of Desmond and Eva was at least 11,500 houses flooded. Given that Storm Frank is ongoing it is too early to tell what the full impact will be.

"However, given 16,500 homes and businesses have already been left without power by Storm Frank in the Republic of Ireland, Northern Ireland and the north of Scotland, the total economic loss caused by the three storms may well breach £3bn."

The storms were unusual as they had brought more commercial insurance claims, rather than personal ones, he added.

Belfast Telegraph

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