December floods hit U.K. insurers for up to $2.23 billion

Widespread flooding in the United Kingdom in December likely will result in insured losses of between £1 billion and £1.5 billion ($1.48 billion and $2.23 billion), accountancy firm KPMG L.L.P. said.

Flooding has been particularly severe in the north of England.

London-based KPMG said that economic losses from December's floods could reach as much as £5.8 billion ($8.60 billion).

Winter Storm Frank is slated to hit the United Kingdom on Tuesday, and nine severe flood warnings are in place across the country, according to the U.K. Meteorological Office.