Insurers facing most costly floods in five years: ABI

Insurers are facing payouts of hundreds of millions of pounds in the most costly flooding since the summer of 2007, according to the ABI.

Analysts expect the recent UK flooding to hike property premiums, the Financial Times reports.

Although the Environment Agency removed all its severe flood warnings over the weekend, 103 regions of the country remained at risk of flooding. The midlands is the area most at risk.

The flash floods of 2007 cost insurers £3bn.