Insurers facing worst flood damage bills since 2007

The forecast - which was made even before this weekend's heavy flooding - was also predicted to result in the associated costs being passed onto customers. 

Mohammad Khan, insurance partners, PwC, said: "Using summer flood damage as a proxy to the recent flooding across the UK, we estimate the cost to industry in 2012 to now add up to around £1bn."

PwC said the period between April and June was the wettest since records began, with insurance losses form the flooding estimated at £500m.

Meanwhile