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UK storm losses set to rise to $730 million

Insurers in the UK will probably pay about £363 million ($730 million) in claims for damages caused by Storms Ciara and Dennis, the Association of British Insurers (ABI) has estimated.

The ABI based its figures on the 82,000 claims lodged so far for flood and wind damage.

Flood claims could cost the industry about £214 million ($433 million) and windstorm damage £149 million ($301 million).

Dennis and Ciara inundated parts of the UK last month, with the former triggering a red warning alert for rain, the first to be issued since December 2015.