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U.K. floods likely to cost up to $8.64 billion: KPMG

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KPMG L.L.P. said that the recent floods in the United Kingdom are expected to cost between £5 billion ($7.5 billion) and £5.8 billion ($8.64 billion) in the long-term, reports The Independent.

KPMG estimated that damage worth about £1 billion will not be covered by insurance policies.

Heavy rains have caused the rivers to burst their banks leading to a rise in water levels that have devastated large parts of northern England.

Paris-based insurer AXA S.A. said that it has already made emergency payments of £1.1 million.

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