LONDON (Reuters) – British insurers face big claims for flooding after the heavy rainfalls across the country this month, making it harder for them to hit profit targets and potentially forcing them to raise premium rates for consumers, analysts said on Tuesday.
Hundreds of people were evacuated in west Wales at the weekend after floods swamped caravan parks and homes, and scores more were hit by smaller inundations in parts of England, according to media reports.
More flooding is expected amid forecasts for continued rain, with 39 flood alerts in force across England and Wales as of Tuesday, Britain's Environment Agency said.
Some insurers could miss their underwriting profit targets for the year because of a surge in flood-related claims, said Oriel Securities analyst Marcus Barnard.
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