Insurers facing St Jude storm bill

Accountants warn of impact of UK storm as winds gust up to 99mph
PricewaterhouseCoopers (PwC) has warned that the storm, named St Jude which reached the south of the UK last night and continued into this morning, will hit insurers due to the high density of properties in affected areas.
Mohammad Khan, insurance partner at PwC commented: "The UK insurance sector will pick up most of the bill from the damage caused by the storm that threatens the south of the UK.
"The storm is hitting the largest exposure in insurers books - where the density of properties is highest and where buildings are the least tested to high wind speeds."
However, while stressing that it was too early to comment on the extent of the damage, Khan highlighted that early indications were that St Jude's impact was not as bad as the storms which hit in 1990 and 1987.
These storms cost the UK insurance industry £3.4bn and £2bn respectively.