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A series of catastrophic weather events in the United Kingdom will spell underwriting losses for property-casualty insurers there in 2007, potentially adding 10 percentage points to the gross loss ratio for the p-c industry, one rating agency said.
Standard & Poor's said the three storms have resulted in an estimated $5.77 billion in losses, the largest loss so far resulting from flooding in June, at $3 billion. July floods are running a close second at more than $2 billion. European windstorm Kyrill, which struck the U.K. in January, cost insurers $709 million.
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