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


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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