UK – Insurance Losses From Northern England Floods Could Reach $250 Million

Parts of northern and central England saw a month’s worth of rain fall in 24 hours on 07 November, 2019.

Rivers broke their banks and the ensuing floods have caused significant damage, with more than 500 properties flooded and 1,200 households evacuated.

Floods in south Yorkshire November 2019. Photo: South Yorkshire Fire & Rescue

Consultants PricewaterhouseCoopers (PwC) said in a statement of 13 November that the floods could lead to $250 million (£120 million) in insurance losses.

Mohammad Khan, general insurance leader at PwC, said:

“This is clearly a very difficult time for those who have been impacted by the floods. However, the UK insurance industry is better prepared for the floods that have occurred and is responding as quickly as possible to ensure that affected policyholders are having their needs met.

“Due to the number of significant floods that have unfortunately occurred since the flood in 2007, the industry is much better prepared in helping affected policyholders quickly in dealing with this extreme weather.

“Although it is still early to estimate the full losses from these floods, the losses to date could see the insurance industry paying out between £80m and £120m in claims for both people’s homes and affected businesses. This estimate could rise over the coming days depending on how much further rain falls over the rest of the week.”