18th Feb 2014 12:15
LONDON (Alliance News) - Ministers will Tuesday hold a meeting with insurance leaders in order to discuss the industry's response to the victims of heavy flooding in parts of southern and south-west England.
Ministers have requested a briefing on the steps the industry is taking to get people back on their feet after the flooding, which some commentators say could cost the industry at least GBP500 million.
According to the Association of British Insurers, GBP14 million has already been paid out in emergency payments and GBP24 million paid for temporary accommodation to help people affected by the floods.
Aviva PLC's Mark Wilson, Lloyds Banking Group PLC's António Horta-Osório and Direct Line Group PLC's Paul Geddes are the three chief executives who will meet Cabinet Office Ministers Oliver Letwin and Jo Johnson, Flooding Minister Dan Rogerson and Communities Minister Brandon Lewis in order to discuss progress in the wake of the floods.
Also attending the meeting will be the chief executives of Ageas and RSA Insurance Group PLC's claims director and the underwriting director of AXA. On top of these representatives of about 60% of the market, Otto Thoresen from the Association of British Insurers will also attend.
By Samuel Agini; [email protected]; @samuelagini
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