RMS predicts total flood losses of £3.25bn

Insured losses from the July flood are likely to be between £1bn and £1.5bn, with the estimated cost of the 25 June flood ranging from £1.25bn to £1.75bn. These figures could be higher than many insurers expected, based on their initial estimates of the risk.

RMS analysis of the more than 1,000 affected postcodes indicated that almost 70% of the areas impacted by the July floods were in areas considered to be off the major river floodplains.

“Many insurers assess their flood risk exposure based