?Zurich Financial Services Group revealed this week that it expected aggregate claims payments of up to $260m (£128m) in relation to the July floods.

The news brings the insurance giant’s total aggregate claims from the summer floods to $660m (£325m).

Last month it predicted that claims from the June floods would amount to $400m.

But Zurich’s flood losses are not the highest faced by an insurer. Norwich Union said the floods in June and July would cost it £340m.

The ABI has said the total cost to insurers of the summer floods would be £3bn, although some in the industry have put the figure higher.