U.K. Floods to Cost Insurers as Much as $800 Million, PwC Says
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Flooding in the U.K. over the past week will cost insurers as much as 500 million pounds ($800 million), making this year the most expensive for water damage since 2007, according to PricewaterhouseCoopers LLC.
Heavy rains have swept through England and Wales in the past week, causing about 940 homes to flood in the southwest and northeast of England and Wales since Nov. 21, according to the U.K.’s Environment Agency. The 500 million-pound bill for insurers includes some flooding in September, PwC said.