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Insurer Norwich Union, the largest homeowners insurer in the UK, has estimated that the cost of recent flood claims in northern and central England could be in the region of £175m. This follows the Association of British Insurers’ (ABI) estimate that the flooding could cost the insurance industry over £1bn.
Published on July 5, 2007
"[This] will impact the group's general insurance results in the first half of 2007, according to a statement made by Norwich Union. "This initial estimate is subject to uncertainty, particularly in relation to average claim costs, and does not include allowance for further claims that could arise should this current spell of bad weather continue."
Norwich Union accounts for nearly 25%r of the homeowners insurance market.
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