Torrential rain is affecting large parts of East Anglia, the Midlands, Northern England and Wales, increasing the risk of significant, and in parts, severe flooding for rivers today. According to the Environment Agency, the areas at greatest likelihood of severe flooding include Derbyshire, Lancashire, South and West Yorkshire, Staffordshire, Greater Manchester, Blackburn, Blackpool, Warrington, Cheshire and Halton. The heavy rainfall will also lead to flooding from surface water – caused when rain overwhelms drainage systems.

Flooding of properties and disruption to travel is expected and people are being urged to take action to prepare. Environment Agency teams are currently checking on flood risk management schemes, clearing river blockages and monitoring river levels. So far today, 104 flood alerts and 15 flood warnings have been issued.

"These events coincide with the five year anniversary of the floods in June and July 2007 that caused close to £2.5 billion losses to the insurance industry. At the peak of the floods on June 25, 2007 the EA had 270 alerts of which 15 were severe flood warnings,” says Mohammad Khan, insurance partner at PwC.

"This season's floods also bring into focus the fact that on July 1 2013, the obligation insurers have to offer flood coverage to properties (Statement of Principles) will expire. Given the recent weather, it is likely that the owners of 200,000 properties exposed to flood risk might find it unaffordable to purchase protection. Homeowners may have to do more personally to protect their properties from flood damage.

"The EA estimates that protecting your property from shallow flash floods would require an investment of between £2,000 and £6,000 whereas an investment of £40,000 would be needed to keep water out for a prolonged period of time," he adds.

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