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I suppose they will argue that it will result in some reduction in claims in both number and in amount. And this will result in a reduction in premiums.

Except, EXCEPT, of course they know that claims, and downstream premiums, will increase massively as a result of the floods. So you are quite correct, Anon, the 'savings', if any, will be used to subsidise their outlay on account of the storms. So, yes, any saving will not be passed on...other than to their shareholders of course. Your and my pension funds, hopefully, after numerous intermediaries have had their snouts in the trough on the way downstream.

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