March 13, 2014 / 12:04 AM / 6 years ago

British insurers expect $742 million flood cost for Dec 23 to Feb 28

LONDON (Reuters) - The insurance bill for flooding across areas of Britain since the start of the year is set to reach 446 million pounds, the Association of British Insurers said on Thursday.

Between December 23 and the end of February, insurers have received 17,500 flood-related claims of which 9,000 were from home owners, 5,400 for damaged vehicles and 3.100 from businesses, the industry trade body said.

Insurers have already put up 27 million pounds in emergency payments and spent 24 million pounds on temporary accommodation for customers flooded out of their homes, the ABI added.

Many of Britain’s largest insurers have disclosed estimated losses from the floods with annual earnings in recent weeks.

RSA (RSA.L) said it expects to take a 45-60 million pound hit from claims related to flooding in the UK while Direct Line (DLGD.L) forecast a 70-90 million pounds cost from claims between the start of the year and February 22.

Reporting by Chris Vellacott

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