Household insurers’ losses exceed £300m for 2007
According to a new report by independent market analyst Datamonitor, household insurers suffered an estimated loss of over £300m in 2007 due to the severe flooding experienced in the summer. However, the market is forecast to return to a profitable state in 2008.
Household insurers’ take big hit
The household insurance market incurred losses in excess of £300m in 2007 according to estimates made by Datamonitor. The June and July floods are estimated to have cost insurers around £3bn and when added to the other claims made throughout the year for theft, fire and subsidence, Datamonitor estimates that gross household insurance claims costs were in excess of £4bn.
While a proportion of this cost will be passed to the reinsurance industry, the bill for
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