Floods and powerful storms pounding the U.K. the past few months could cost the insurance industry at least 500 million pounds ($822 million), according to Bloomberg News. That figure may double if the weather conditions persist, a partner at Deloitte LLP told Bloomberg.
James Rakow, an insurance partner at Deloitte, told Bloomberg the storms may also drive up insurance premiums this year, especially if rains and storms continue throughout February and March.
According to Bloomberg, the British weather service says two months of record-breaking rain has left the U.K. with more than 8,000 flooded homes and damaged coastal infrastructure, including the main railway connecting the southwestern city of Plymouth with the rest of England.
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