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The clean-up costs could reach £1 billion ($1.64 billion) if heavy rains continue in the United Kingdom and cause damage to more homes and businesses, warns an insurance expert.
PricewaterhouseCoopers L.L.P. has estimated that December 2013 and January 2014 flooding will cost the insurance industry £500 million ($820.5 million), The Guardian reported.
1. Turkish airlines cancel flights to Iran and Iraq amid war concerns
3. Zurich Insurance to stop underwriting new oil and gas projects
4. Bermudan, European reinsurers to suffer major hit from bridge collapse
5. Tycoon gets death sentence for multi-billion-dollar fraud
6. Inflation drives 10% increase in sum insured for windstorms