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Insurance losses from U.K. floods, European windstorms mount

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The devastating floods across the United Kingdom and severe European windstorms are taking a toll on the insurance and reinsurance industry, with financial losses mounting fast, reported.

Aon Benfield's Impact Forecasting L.L.C. unit said an economic loss of at least $1 billion is expected from European windstorm Tini, which recently hit the United Kingdom and Ireland.

Several flood warnings are in place and further damage is expected in areas around the Thames and Severn rivers.

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