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Mohammad Khan, General Insurance Leader at PwC UK comments on the predicted insurance losses due to widespread flooding across England and Wales. |
"It is still very early to say what the impact on the general insurance industry will be but based on the current weather, PwC estimates that the losses from Storm Christoph will be between £80m - £120m. This is clearly dependent on what future rainfall occurs but currently would be less than the losses that occurred from Storm Ciara last year.
"Due to the existence of Flood Re, homeowners who have seen their properties flooded will not necessarily see an increase in the flood element of their premiums on renewal, following the recent storms and current weather. Flood Re charges a fixed premium for the flood element of home insurance for properties built in 2009 and prior." |
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