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Shares feel force of the storms

As Britain picks up the pieces of the worst storms for a decade, insurers are counting the costs as share prices are hit after the trail of devastation.

On Monday, the share price of the UK&#39s biggest insurer, CGNU, dropped by 1 per cent to 939p from 931p. The drop comes just ahead of the announcement of CGNU&#39s third-quarter profits next week.

Royal & Sun Alliance&#39s share price sank by 3 per cent to 474.75p from 491p, while Legal & General fell by 1 per cent to 165.25p.

But the ABI is dispelling estimates putting the storm damage at £2bn. spokesman Malcolm Tarling says: “The level of damage to insured property is not as bad as it was in either the 1987 or 1990 storms. The figure is closer to hundreds of millions than billions.”

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