Risk Management Solutions modeling firm said it estimates the United Kingdom's floods in late June cost over $1.5 billion in insured losses, and that the current flooding will be at least as costly.

More than a million people have been affected this month by the worst flooding in the U.K. in 60 years.

While it seems the number of affected properties is less than June's flood, total costs could run higher in the current flooding, RMS said.

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