General Insurance Article - Christmas floods to cost insurers £426 million says ABI

 The insured bill for the damage caused by the storms and flooding over the Christmas 2013 and New Year period looks set to cost £426 million according to the ABI.

 Between 23 December 2013 and 8 January 2014 insurers dealt with 174,000 claims for damage to homes, businesses and cars.

 Aidan Kerr, the ABI’s Assistant Director, Head of Property, said:

 “Insurers are playing a crucial role in helping customers affected by the storms and floods recover. Together with loss adjusters, insurers reacted quickly to help flood victims get through Christmas. Insurers will continue to work closely with customers to ensure the repair process is completed as soon as possible.

 “This was a traumatic event for those affected, and shows the importance of having adequate property insurance. The insurance industry is fully prepared to deal with the damage caused by bad weather like this”.