Insurance claims to cover the damage caused by the devastating floods this winter are likely to cost around £1.3 billion, according to the Association of British Insurers. The trade body said that the floods caused by Storms Desmond, Eva and Frank during December and over the New Year had left more than 3,000 families in […]
Insurance claims to cover the damage caused by the devastating floods this winter are likely to cost around £1.3 billion, according to the Association of British Insurers.
The trade body said that the floods caused by Storms Desmond, Eva and Frank during December and over the New Year had left more than 3,000 families in alternative accommodation while repairs are made to their homes.
So far, £24 million of emergency payments has been paid out, with £9 million of this going to domestic customers and £15millon to businesses. This has gone towards immediate needs, for example food, clothing and staff salaries. Costs for alternative home or business accommodation are paid directly by insurers.
The average claim is expected to be in the region of £50,000, compared to an average £31,000 for the 2013/14 winter storms.
Nearly 15,000 claims for property damaged by the flooding have been made, with more than 5,000 coming from business customers. Thousands of smaller claims are also being dealt with for storm damage and a total of 5,600 motor claims have been received.
More than 8,300 initial visits have been made by loss adjusters, who handle the more severe claims.
James Dalton, director of general insurance policy at the ABI, said: “The December storms have brought devastating flooding to significant parts of the UK. Insurers and their representatives have been there to provide practical help and support as quickly as possible to families and businesses coping with the trauma.
“In the immediate aftermath insurers have focused on urgent needs, providing families with somewhere to live and helping businesses into alternative trading premises. They get cash into the hands of those affected so they can buy food and dry clothes. Then, they get the repair process under way as quickly as possible.
“The impact of flooding will be felt for many months to come in affected areas. Cleaning, drying out and repairing flood damaged properties is a major undertaking. Insurers and their expert teams will be there for the long haul to help communities rebuild and repair.”
