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Potential impact of Storm Desmond is costly, says PwC

Potential impact of Storm Desmond is costly, says PwC

The recent decision by the Met Office to name storms follows the American trend, and some feel it takes away the serious nature of the consequences that can follow in their wake.

With Storm Desmond being the latest to bring torrential rain and flooding to areas of the UK, Big 4 firm PwC has commented on how weather incidents such as this can impact on the wider UK economy.

Destruction

Head of general insurance at PwC, Mohammad Khan, said: "The destruction wrought by Storm Desmond in many parts of the UK overcame the flood defences that have either been built or upgraded over the past few years."

"We have had relatively benign weather over the last few years and so can easily forget how weather-related events can affect us in the UK. Generally speaking, given the latest climate change models, we expect the frequency of extreme weather events affecting households in the UK to increase over time."

The PwC expert went on to explain the need for continuing investment in defences against natural catastrophes, which has been going on in the UK since the last spate of widespread post-storm flooding.

Fatal damage

Although flood damage can be mean huge disruption and inconvenience for individuals, families and households, for small businesses it can inflict fatal damage that, in the worst cases, can lead to an end to trading.

With this in mind, Khan pointed out the need for adequate insurance policies to be available and in place to help those affected recover in the shortest possible time.


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