Aon Benfield’s catastrophe model development centre of excellence has released its latest monthly Global Catastrophe Recap report.
The report reveals that the recent floods to hit the UK damaged over 1,100 homes, and, according to a PricewaterhouseCoopers’ report, are likely to cost insurers up to £500m.
This will increase the total cost of floods to insurers during 2012 to £1bn and make it the most expensive year for floods since 2007, when prolonged flooding cost £3bn.
The year has also seen flooding in Indonesia, Panama, Haiti and the Congo.
President of Impact Forecasting Steve Jakubowski explained that Europe traditionally suffered some flooding each year, adding that Aon Benfield continually revised and developed its modelling suite.