Insurers Pledge to Act Quickly to Help Flood Victims in U.K.
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British insurance companies told a meeting with government ministers today they are prepared to act quickly to help victims of record floods that have so far caused an estimated 600 million pounds ($1 billion) in damage.
Cabinet Office ministers Oliver Letwin and Jo Johnson were among those who held talks today with the chief executive officers of Aviva Plc, Direct Line Insurance Group Plc, Axa SA, Lloyds Banking Group Plc and Ageas. The 600 million-pound estimate was drawn up by Ernst & Young, though the Financial Times has reported insurance industry executives citing amounts as high as 3.5 billion pounds.