UK flooding could wipe 0.2pc off GDP
Tuesday, 12 29 2015, Category: Nature, Country: United Kingdom
Insurance industry waits for flood waters to recede before estimating cost of damage but economists warn that the current crisis could hamper Britain’s economic growth by up to 0.2pc.
A spokesman for the Association of British Insurers (ABI) told the Telegraph that there was no way of putting a figure on the cost of the current flooding crisis, which is affecting vast swathes of Northern England, from Hull to Lancashire.
PwC, the accountancy firm, also said that it was "too early to estimate losses" but said that an initial analysis of the economic impact of both Storm Desmond and Storm Eva showed an approximate cost of between £900m and £1.3bn, with the insurance industry bearing between £700m and £1bn of the total.
Source: The Telegraph