London - Insurance companies are bracing themselves for a £500 million payout on damage by torrential rain and floods across Britain, officials said yesterday. Mr Tony Baker, deputy director general of the Association of British Insurers, said: "This looks much bigger than the £300 million weather event in December and January.
Arriving in Leamington Spa, Warwickshire, yesterday the deputy prime minister, Mr John Prescott, described the floods as the worst for 150 years.
