Flood bill could hit £3.25bn

The floods that overwhelmed parts of the UK this summer could cost insurers between £2.25bn and £3.25bn, according to the latest estimates.

Insured losses from the July floods are likely to be between £1bn and £1.5bn, according to Risk Management Solutions (RMS), with the estimated cost of the 25 June floods 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 postc