ABI puts $1.9bn insured bill on UK floods - FREE

ABI puts $1.9bn insured bill on UK floods - FREE

New figures reveal the insurance fallout after recent floods in the UK, the ABI has reported.

The ABI thinks its members will spend £1.3bn ($1.89bn) on flood claims from storms Desmond, Eva and Frank, which affected parts of Northern England in December and into January.

So far 5,600 motor claims have been received; just over 3,000 families have been living in alternative accommodation; and £24m has already been doled out paid out in emergency payments.

Of the initial £24m in payments, the ABI said £9m had been on personal lines and £15m to businesses.

Costs for alternative home or business accommodation have been paid directly by insurers, according to the ABI.

More than 8,300 initial visits have been made by loss adjusters, who handle the more severe claims.

The average expected claim is £50,000, said the ABI, up from an average from the 2013/14 winter storms of £31,000.

“Customers have made nearly 15,000 claims for property damaged by the flooding, more than 5,000 of these claims coming from business customers,” said the industry body.

James Dalton, the ABI’s director of general insurance policy, 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,” said Dalton.

“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,” he added.

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