Household insurance costs to rise after UK floods

The devastating floods that have hit the UK in recent months have prompted some of Britain’s leading insurers to raise the cost of their household premiums by an average of 10%, according to reports.

Norwich Union, the UK’s biggest home insurer, and Lloyds TSB are said to be introducing double digit increases after the natural disasters in June and July left the industry with claims totalling around £4bn (€6bn).