November floods push insurance losses past £1bn Mohammad Khan, insurance partner at PricewaterhouseCoopers said: "April to June was the wettest since records began and insurance losses from the flooding were then estimated at £0.5bn. Using summer flood damage as a proxy to the recent flooding across the UK, we estimate the cost to industry in 2012 to now add up to around £1bn. Following the latest floods to strike the UK, we expect insurance renewal premiums to rise between 10pc and 50pc depending on the severity of flood damage caused. Even those not affected, are very likely to see their premiums rise by up to 5pc - flood damage therefore is not just a problem for those currently affected but one for the UK as a whole. That would make 2012's flood losses the highest since 2007, when one of the wettest Junes on record caused severe flooding across Northern Ireland, East Yorkshire and the Midlands, as well as parts of Wales. Aon Benfield wrote in its annual report on global catastrophes: "An active weather pattern brought periods of torrential rainfall across much of the United Kingdom during the month of November, leading to the deaths of at least four people. The rains, which were heaviest in parts of Britain, Scotland and Wales, damaged or destroyed more than 1,100 homes. The combination of flash flooding and overflowing rivers contributed to the severity of the floods as transportation was also severely impacted due to damaged infrastructure.