$472 million bill Insurers face for UK floods

Insurers face $472 million bill for UK floods

LONDON – Insurers are expected to pay policyholders an estimated 363 million pounds ($471.79 million) for flood and wind damage from two storms in Britain last month, the Association of British Insurers said on Saturday.

A total of 82,000 claims have been received, the ABI said.

The anticipated payout compares with 110 million pounds for flooding in November, and 1.3 billion pounds for storms in December 2015.

($1 = 0.7694 pounds)

(Reporting by Huw Jones; Editing by Kirsten Donovan)

(c) Copyright Thomson Reuters 2020