Flooding costs could push industry COR above 100%, says Fitch

cumbira-floods

The recent series of storms and floods in the UK will significantly weaken 2015 earnings from household insurance for some firms, but are unlikely to affect insurers' capital levels or ratings, according to Fitch.

The agency noted that total insured loss estimates for storms Desmond and Eva ranged as high as £1.5bn with the figure set to rise further when the cost of storm Frank is added.

Fitch highlighted that the scale of insured losses will depend on how many businesses have been affected

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