Breaking News

Mon Dec 31, 2012 10:46AM

The recent months’ downpours in Britain have cost the country £13 billion due to flooding of houses and major disruptions to the transport network. Flooding in Britain’s wettest year on record made the country’s economy suffer a £12 billion loss in the summer and autumn and is expected to cost another £1 billion during the Christmas period, the Association of British Insurers (ABI) estimated. The Association said £13 billion will be the damage caused if all 29 million British workforce go on strike for two and a half days. ABI spokesman Malcolm Tarling said insurer companies are expected to pay only £800 million to the flood-stricken, but the indirect cost that covers disruptions to tourism as well as working hours’ losses and delays is much higher. “Knock-on flood costs can be a lot higher the insured costs, covering issues such as business interruption, alternative premises hire, transport disruption and tourism impact,” Tarling said. AMR/HE