Hard hit insurance companies were not the only losers following the devastation of the summer floods.

Other businesses seeing profits dip in the areas most affected, Yorkshire and the Midlands, included hotels and pubs as people stayed away.

Marston's pub group and brewer, which has 150 outlets in the area saw its pre-tax profits fall from £101.5 million to £98 million for the period up to September compared to the same time frame last year.

Turnover increased by 9.8 per cent to £652.8 million because of its acquisition of other businesses.

Ralph Findlay, chief executive of Marston's, shrugged off the effect of the flooding on profits.

He said: "We remain cautious about consumer confidence, regulatory cost pressures and the short term impact of the smoking ban."

As with domestic house insurance premiums, business insurance costs look set to rise as insurers try to recoup some of the estimated £3 billion loss because of the floods.

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