The impact on reinsurance pricing from floods that hit England this summer, causing an estimated $6.2 billion insured loss, is not expected to be significant, a brokerage firm said.
Guy Carpenter & Company, LLC, said that finding is contained in its new report "Wrong Type of Rain: Impact and Implications of 2007 UK Floods."
The flood damage cost "was mostly absorbed by the U.K. insurance industry, with only a relatively small proportion of the losses ceded to reinsurers," said Dickie Whitaker, Guy Carpenter managing director.
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