Insurers face £40m floods bill

NORTHERN England and Scotland have been hit hard by flooding, leaving UK insurers facing a hefty bill of up to £40m for this week’s damage. Analyst Barrie Cornes at Panmure Gordon told City A.M. that RSA faces a bill of £12-£15m, Aviva £15-£20m and Legal & General around £3-£5m. This is on top of substantial payouts resulting from floods earlier in the summer.