General Insurance Article - ABI reports on flood claims


 The wettest UK winter on record is likely to result in £446m being paid in insurance claims to customers whose homes, businesses, and vehicles were flooded–the equivalent of £6.7 million a day- according to updated figures released by the ABI, covering the period 23rd December to 28th February.

 Taking into account the projected cost of storm damage claims over the same period, insurers will be paying an estimated £1.1bn to help their customers recover from the effects of the bad weather.

 Between 23rd December and 28 February this year:

 -Insurers received 17,500 flood claims: 9,000 from homeowners, 5,400 for flooded vehicles, and 3,100 from businesses.

 -Of the £446m, an estimated £276m is expected to be paid to flooded homeowners; £149m to business owners, and £22m to vehicle owners.

 -Flooded customers have already received emergency payments of £27m.

 -Insurers have arranged temporary alternative accommodation for over 2,100 flooded households at a projected cost of £24m, and are doing everything possible to get people back into their homes as soon as it is safe to do so.

 -Loss adjusters have made over 6,500 visits to flooded properties to assess the damage, organise emergency payments, and get drying out and repairs started as quickly as possible.

 -In addition to flood claims, Insurers received 421,500 storm claims; 361,600 from homeowners, 15,200 for storm-damaged vehicles and 44,700 from businesses.

 Otto Thoresen, ABI’s director general, comments "The flood waters may have mostly receded, but for many the distress of being flooded remains raw. Insurers and loss adjusters are playing a crucial role in the recovery process. A badly flooded property can take months to become habitable again, so insurers continue working around the clock to ensure that the drying out process is completed as quickly and as safely as possible.

 While of course this was a serious and significant bad weather event, the current flood damage costs remain well below the severe floods of 2007 when insurers paid out £3bn to customers.” 

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