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U.K.: Insurers prepare to pay out millions following floods

January 9, 2014 - 6:00am

Insurers in the United Kingdom are preparing to shell out hundreds of millions of pounds in claims following recent winter storms and floods, Reuters reported.

A source at Zurich Insurance Co. Ltd.'s U.K. unit said on one day claims were running at "300% higher than the usual daily average." The final cost to insurers from flood-related damage is not likely to match the £3 billion ($4.9 billion) payout following the 2007 summer floods.

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