Insurers facing worst flood damage bills since 2007
British insurers are expected to face the worst flood damage bills since 2007, PricewaterhouseCoopers (Pwc) has warned.
The forecast - which was made even before this weekend's heavy flooding - was also predicted to result in the associated costs being passed onto customers.
Mohammad Khan, insurance partners, PwC, said: "Using summer flood damage as a proxy to the recent flooding across the UK, we estimate the cost to industry in 2012 to now add up to around £1bn."
PwC said the period between April and June was the wettest since records began, with insurance losses form the flooding estimated at £500m.
Meanwhile
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Insurer
Ex-Accredited boss Johnson joins Hadron
Former CEO of Accredited Insurance (Europe), Colin Johnson, has joined Hadron as CEO of international operations.
Car and motorcycle insurance complaints stick in FOS top five
The number of car and motorcycle insurance complaints to the Financial Ombudsman Service in the second quarter of 2024/25 dropped compared to the same period a year ago however the sector has remained in the top five.
Analysis: Placement strategies – are brokers turning the tables?
What is driving brokers’ decisions on which markets they use? While once it was insurers holding the aces, it now appears the boot is on the other foot, finds Rachel Gordon
PE-backed US consolidator buys London-based MGA
Landmark Underwriting has been acquired by Bishop Street Underwriters, a US-based MGA consolidator and incubator backed by RedBird Capital Partners.
Polaris at 30 – Ray Vincent
As insurance industry owned Polaris celebrates its 30th birthday, Insurance Age asks experts for their recollections on the dawn of digital trading and what is coming next.
Leeds regional review: Buoyant market optimistic for continued growth
Insurance experts in Leeds are confident in the region’s prospects as competition for talent ramps up, reporter Rosie Simms discovers in her review of the Yorkshire city.
Polaris at 30 – managing director Vivek Banga
Ahead of a week-long ‘Polaris at 30’ series Insurance Age caught up with managing director Vivek Banga to run the rule over the history of e-trading developments and what is coming next for brokers.
People Moves: 18 – 22 November 2024
Follow the latest insurance personnel moves.