Life insurance profits hit by flood costs

Mon, 06 Aug 2007

The impact of UK-wide flooding is likely to diminish first-half earnings amongst some of the largest life insurance companies and general insurance companies in the UK.

Both Aviva (owners of Norwich Union) and Royal &Sun Alliance, have seen earnings drop, following a high number of insurance claims from homeowners hit by flooding.

Flood claims are expected to amount to 3.3 billion pounds nationwide. Aviva alone are facing 340 million pounds worth of flood damage claims. RSA, another major insurer, will face operating profit drops of 14 per cent.
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