LONDON, March 12 A series of violent storms and
widespread flooding in Britain since the start of the year is
likely to cost insurers more than 1 billion pounds, the
industry's trade body said on Thursday.
The industry will have to pay out about 1.1 billion pounds
($1.83 billion) for the period between Dec. 23 and Feb. 28, the
Association of British Insurers (ABI) said, with the cost from
flooding alone set to reach 446 million pounds.
However, the ABI noted that the damage and cost to the
industry is well short of the 3 billion pound hit from
widespread floods in 2007.
Consultants at Deloitte last month estimated that
weather-related insured losses were "heading towards 1.5 billion
The floods, which left some areas of England under water for
more than a month, prompted the British government in February
to summon insurers to brief ministers on their progress in
dealing with the crisis.
Between Dec. 23 and the end of February, insurers received
421,000 storm claims and 17,500 flood-related claims.
Insurers have already made 27 million pounds in emergency
payments and spent 24 million pounds on temporary accommodation
for customers flooded out of their homes, the ABI added.
Many of Britain's largest insurers have disclosed estimated
losses from the floods in recent weeks.
RSA said it expects to take a 45-60 million pound
hit from flood-related claims in the UK, while Direct Line
forecast a 70-90 million pounds cost from claims
between the start of the year and Feb. 22.