From This is Money:
In Cumbria, Dumfries and southern Scotland hundreds of homes and businesses were inundated after rivers burst their banks and flood defences were overwhelmed.
More than 12 inches of rain fell in some parts of Cumbria in 24 hours.
But despite the damage and tragic loss of life, the floods are not being classed as a ‘major event’ on a par with the flooding in the summer of 2007 in Yorkshire and the Midlands that cost £3bn.
Instead, the scale of damage is nearer that of the flooding in Carlisle in 2005 that caused about £250m in losses.
Malcolm Tarling, spokesman for the Association of British Insurers, says: ‘This is not an event on the scale of 2007.
‘It is, sadly, the sort of event that the industry expects to see during a winter and is financially and practically able to cope with.’
At present, insurers have agreed to continue to cover high-risk properties, so long as the Government invests in better flood defences.
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