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Insurers reveal huge costs of floods in Q3 results

    • Insurance Age staff

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Britain's major insurers have revealed the depths to which the summer's floods have affected their p...

Britain's major insurers have revealed the depths to which the summer's floods have affected their profits during the third quarter of 2007.

Allianz revealed it had spent £83m on claims as a result of the summer's erratic weather, with £59.3m of it coming from the firm's commercial division. This hampered pre-tax profits for the third quarter, which witnessed a drop from £172.4m in Q3 2006 to £109.4m in 2007. On a positive note, the third quarter saw Allianz's group net written premiums rise by 8

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