UK flood damage payouts set to top £100m ($129m) – ABI
Insurance payouts to people hit by the recent floods in Yorkshire and the Midlands in the UK are expected to reach £110 million ($142 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 that 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.
“Insurers’ first priority when the floods struck was to help flooded customers recover from the traumatic experience as quickly as possible,” said Mark Shepherd, ABI’s assistant director, head of general insurance policy. “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.”
Already registered?
Login to your account
If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all our online content.
For more information on individual annual subscriptions for full paid access and corporate subscription options please contact us.
To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk
Editor's picks
Editor's picks
More articles
Copyright © intelligentinsurer.com 2024 | Headless Content Management with Blaze