Fitch predicts flood costs could exceed £3bn

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