The bill for the UK's June and July floods will reach £2bn, according to the Association of British Insurers (ABI).
The figure is an increase on the £1.5bn bill estimated earlier this month.
A spokesman for the ABI tells IFAonline: “Insurers expect claims during the year; they don’t expect this in two months. Across the piste, premiums will remain very competitive. If you’ve suffered floods a couple of times your premium will go up but they will remain competitive.
“Short of being able to control the weather, we’re mobilising extra claims handling staff, getting out as quickly as possible to look at properties.
“Our priority is getting people back into their dry homes as quickly as possible. It could take weeks, it could take months.”
The ABI could not confirm the number of affected properties but earlier this month estimated the floods had damaged a total of 27,500 homes and 7,000 businesses.
Meanwhile, the government will continue its plans to build houses on flood plains, housing minister Yvette Cooper tells the BBC. A draft of the Housing Green Paper says it is “not realistic” to scrap development plans in flood-risk areas and the Government will put “proper defences” in place.
Gloucestershire is the worst-hit county; floodwaters surround its village, Tewkesbury. The situation in central and western England could worsen as the river Severn and the Thames threaten to overflow, according to the Environment Agency, the environment protection body.
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