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U.K. flood losses unlikely to affect insurer ratings: S&P

February 24, 2014 - 6:00am

Ratings agency Standard & Poor's Corp. said the recent flooding in the United Kingdom is unlikely to result in any insurer rating downgrades, reported.

Damage from the flooding is estimated to have caused the insurance industry losses of between £500 million ($832.6 million) to £1.2 billion ($1.99 billion).

Analysts from Bank of America Merrill Lynch said insurers are expected to incur a loss of about £1.5 billion ($2.49 billion).

The floods are unlikely to have a major impact on reinsurers.

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