Royal & Sun Alliance has warned that claims from the floods will reach £120m, meaning the group will miss its targets this year despite better-than-expected first-half profits, reports The Guardian.
Britain's second-largest commercial insurer today estimated the cost of the June floods in Yorkshire at £55m and the July floods in Gloucestershire at £65m. The flood claims hit underwriting profits, which fell by 16% to £144m in the first half. As a result, it will not meet its target of a combined operating ratio - a key operating benchmark - of at least 95% for the year. It now expects to deliver a combined ratio of 96%. THE US FEDERAL RESERVE dug in its heels last night against any early cut in American interest rates, despite the past month’s global market turmoil, reports The Tim...
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