Leading global insurer Allianz, the firm behind Cornhill Direct, has hinted that its insurance premiums may remain relatively stable in the face of the country's recent flooding crisis as it comes to term with the total value of the claims it is set to field.

The Association of British Insurers (ABI) now estimates that the total cost of claims in the UK will be around £2.5 billion from floods across June and July that seriously affected parts of Yorkshire and Gloucestershire.

ABI and other industry figures have been quick to slam some insurers, with Norwich Union the most high profile so far, who have already said that insurance premiums will rise by up to ten per cent, in part due to the cost of covering against the flood damage.

Allianz has not yet confirmed whether it will lift its UK premiums. Cornhill Direct customers, however, will be heartened by news released on insurancetimes.co.uk that the firm's corporate and specialty reports forecast its claims to be in the region of £30 million, a figure which is rated as serious but by no means extreme.

"Our sympathies go out to everyone affected by the floods, whether at business or at home," Doug Pennycuick, chief executive of Allianz Global Corporate told the site as the figures were announced.