U.K. Floods May Cost Insurance Companies 1 Billion Pounds
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Floods and storms pounding the U.K. may cost the insurance industry at least 500 million pounds ($822 million), a figure that may double if the weather conditions persist, according to a partner at Deloitte LLP.
The storms may also drive up insurance premiums this year, James Rakow, an insurance partner at the firm, said in an interview with Bloomberg Television today.