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Insurance expert warns U.K. flood clean-up costs could reach $1.64 billion

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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.

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