Fitch predicts flood costs could exceed £3bn
Fitch Ratings has said that the total cost to insurers of recent flooding in the UK could exceed £3bn. However, Fitch expects the flooding to have a limited rating impact on UK insurers.
Preliminary estimates from the Chartered Institute of Loss Adjusters (CILA) predicted total losses resulting from the Yorkshire floods at £1.5bn, made up of £825m of domestic and £680m of commercial claims. The Association of British Insurers (ABI) has been reported as saying that total claims could exceed £2bn, including the most recent flooding in the south of the country.
Fitch's estimate of £3bn is based on expected late reporting of claims, higher than average claim amounts due to standing
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