UK floods reach over £500m for insured losses
Initial estimates by Risk Management Solutions (RMS), the provider of products and services for catastrophe risk management, suggest that insured losses from this week’s floods could exceed £500m.
The severe and widespread flooding, which has hit northeast England the hardest, has already appeared to be worse than the 1998 floods, which damaged around 3,000 properties and resulted in £190m in today’s value of insured loss.
RMS has predicted that the event is not as severe as the autumn 2000 floods which affected over 10,000 properties and caused £925m in today’s value of insured loss. However, the floods are ongoing and further rainfall is expected over the weekend, which may worsen the
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