Perils revises Desmond flood loss estimate to £662mn

Industry reporting agency Perils has announced its second loss
estimate for the floods stemming from Storm Desmond, reducing its
prediction from £717mn ($1bn) to £662mn.
Perils will announce its third loss estimate on 4 June.
The storm brought record-breaking rainfall mainly to the
northwest of England, where the ground was already saturated from a
series of depression systems during November. This led to severe
flooding, which mainly affected the counties of Cumbria and
Lancashire,