U.K. Floods Will Cost Tens of Millions of Pounds, Insurers Say
U.K. flooding in the past week will probably cost tens of millions of pounds, the Association of British Insurers said today.
“These types of events typically cost in the tens of millions of pounds,” Sarah Bailey, spokeswoman for the London industry group, said today by telephone.
It’s too early to tell whether the flooding costs will exceed those caused by floods in November 2009 in Cumbria, which resulted in insurers paying about 175 million pounds ($271 million), Bailey said.
The U.K. Met Office, the government forecaster, yesterday warned of the possibility of flooding today and some disruption to travel and outdoor activities across much of England, after heavy rain. The River Ouse in York is among locations that flooded in recent days, the British Broadcasting Corp. reported today on its website.
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