U.K. flood claims could hit $2 billion, ABI says

LONDON--The Assn. of British Insurers said Friday that insured damage stemming from the recent flooding in England is expected to reach £1 billion ($2.0 billion).

The London-based ABI noted that the total could surpass that level if additional properties are affected by further flooding. More rainfall is expected this weekend in areas of the United Kingdom.

Thursday, Newark, Calif.-based catastrophe modeling company Risk Management Solutions Inc. projected that insured losses from the flooding would be around £500 million ($999.6 million).