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Flood damage to cost insurance industry 'up to £1bn'

Flood damage from recent UK storms is set to cost the insurance industry between £500m and £1bn, chief executive of Hiscox Insurers Bronek Masojada, has said.

Speaking to the Today programme, he labelled the government's Flood Re scheme as "not practical or fair" due to certain homeowners being excluded from the benefits.

First broadcast on BBC Radio 4's Today programme on Monday 24 February.