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Potential worst flood damage bills since 2007

Posted by on November 28, 2012

It was reported via Mortgage Solutions website (26th Nov 2012) that British insurers are expecting 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.

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