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Lloyds Bank to pay out 60 million pounds in UK December flood claims
February 19, 2016 / 1:20 PM / 2 years ago

Lloyds Bank to pay out 60 million pounds in UK December flood claims

LONDON (Reuters) - Lloyds Banking Group (LLOY.L) said on Friday it expected to pay around 60 million pounds ($85.68 million) in insurance claims to households hit by flooding in Britain in December.

People wade through a flooded street in Dumfries, Scotland December 30, 2015. Torrential rain and gale force winds battered northern Britain on Wednesday cutting power to thousands of homes and forcing some to evacuate flooded streets in the third major storm in a month. REUTERS/Darren Staples

The bank helped more than 10,000 households affected by Storms Desmond and Eva in Scotland and the North of England through its Lloyds Bank, Halifax and Bank of Scotland insurance brands, it said in a statement.

Direct Line (DLGD.L) has said it expects up to 140 million pounds in claims from customers across three UK winter storms in December and January - Desmond, Eva and Frank.

Ageas (AGES.BR) said its fourth-quarter results were hit by the December storms, while the extreme UK weather also contributed to a fourth-quarter loss in general insurance at Zurich Insurance ZURN.VX.

The Association of British Insurers said the floods were likely to lead to 1.3 billion pounds in insurance pay-outs.bri

Reporting by Carolyn Cohn; editing by Simon Jessop

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