A modern day plague
When Cumbrian towns were hit by floods of biblical proportions in November 2009 it was more than bridges that were wiped out. The Association of British Insurers estimated that claims could top £100m. And the cost of the property damage alone following Hurricane Katrina in the US in 2005 is estimated at an eye watering $89 billion.
Whether climate change is to blame or not, natural disasters cost us dear and have a knock-on effect on all our premiums. Estimates on the possible level of future damages range from £1bn to £15bn each year and the 2007 summer floods in the UK alone cost the profession £3bn.