General Insurance Article - Yorkshire and Midlands flood damage payouts to top GBP100m


Insurance payouts to people hit by the recent floods in Yorkshire and the Midlands are expected to reach £110 million, according to initial estimates from the Association of British Insurers (ABI).

 Insurers have already made initial emergency payments of over £1.2 million to help flooded homeowners and businesses in the immediate aftermath of the flooding. In addition, at least £680,000 has so far been paid in re-housing the worst hit flood victims in alternative temporary accommodation, where their homes have become uninhabitable.

 Initial ABI estimates show:

 So far just over 4,000 (4,039) flood claims have been received: 2250 of these relate to flooded homes and businesses; 1788 to damaged vehicles.

 Of the estimated £110 million payouts, £45 million covers damaged homes and possessions; £58 million for business property and stock, with £7.5 million relating to damaged vehicles.

 The average household flood claim is likely to be around £31,000, and £70,000 for a flooded business. This compares to the average claim across all insured risks of £2,200 under a home insurance policy and an average claim of £11,500 on a commercial policy.

 Mark Shepherd, ABI’s Assistant Director, Head of General Insurance Policy, said: “Insurers’ first priority when the floods struck was to help flooded customers recover from the traumatic experience as quickly as possible. Making emergency payments, and arranging alternative temporary accommodation where needed, helped many people cope in the immediate aftermath.

 “Now the flood waters have receded, the hard work begins. Insurers and loss adjusters are working around the clock to ensure homes and businesses are fully dried out, so that repairs can start as soon as possible, and people can get their lives back together.”

Back to Index


Similar News to this Story

Insurance advice ahead of Storm Amy
As the Met Office names the first storm of the autumn, the ABI has issued advice to homeowners and businesses on how to prepare and what to do if they
Data reveals only 7% of properties are insured correctly
According to data collected from more than 43,000 comprehensive property assessments, only a worrying 7% of UK properties are insured accurately, with
Heathrow cyber attack shows the need for cyber insurance
Heathrow cyber-attack highlights need for parametric and preventive cyber insurance. Major European airports, including Heathrow, Dublin, and Brussels

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.