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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.
KPMG L.L.P. said that the recent floods in the United Kingdom are expected to cost between £5 billion ($7.5 billion) and £5.8 billion ($8.64 billion) in the long-term, reports The Independent.