(Bloomberg) -- U.K. insurers may face claims totaling as much as1.5 billion pounds ($2.2 billion) from businesses and homeownersfor damage caused by two storms this month, according to consultantKPMG LLP.

Heavy rain and flooding is estimated to have caused a loss tothe economy of 5.8 billion pounds, the London-based consultingcompany said in a statement Tuesday. Storm Eva and Storm Desmondhave damaged homes and disrupted business activities acrossnorthern England, Wales, Scotland and Ireland.

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“In 2007, when a similar pattern of flooding hit, total insuredclaims were 3.2 billion pounds. However, we consider that theactual financial impact far exceeded this,” Justin Balcombe,KPMG’s U.K. head of general insurance management consulting, saidin the statement. “We are assessing this month’s events through anumber of economic lenses, resulting in an initial total costestimate of 5 billion pounds to 5.8 billion pounds.”

PricewaterhouseCoopers LLP estimated economic losses of as muchas 1.3 billion pounds, with the insurance industry bearing up to 1billion, according to a Dec. 27 report published on theconsultant’s website.

“If rain continues to fall in large quantities, and the areaswith warnings in place do indeed flood significantly, it could wellbe that the total economic losses could breach 1.5 billion poundswith an additional significant increase in insurer losses from ourinitial estimate,” Mohammad Khan, general insurance leader at PwC,said in the report.

Storm Frank is due to hit the west of the U.K. from Tuesdayevening with strong winds and heavy rain, the Daily Telegraphreported. Widespread gusts of up to 65 m.p.h. are expected, withexposed areas — particularly in northwest Scotland and laterShetland — likely to endure fierce gales up to 80 m.p.h., thepaper said.

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