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U.K.-based Aon PLC expects economic losses from the ongoing severe flooding event in Europe that has mainly hit Italy’s Emilia-Romagna Region to run into billions of dollars, but insured losses are likely to be low due poor flood insurance uptake, Artemis reported. Torrential rains and flooding have caused considerable damage to property and infrastructure in Emilia-Romagna and left more than 5,000 farms underwater.