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Sunday, 13 March 2022

Floods damage insurance bill to hit £1.3bn, says ABI



Insurance claims from this winter's storms are expected to total £1.3 billion, according to British insurers.

Following the winter storms of 2013-2014, the Association of British Insurers (ABI) discovered that the average projected pay-out for each home flood claim is now £50,000, up from £31,000.

Over 3,000 families are currently residing in temporary housing while their homes are being rebuilt.

According to the trade association, emergency payments totaling £24 million have been paid to both individuals and businesses.


The final bill, which shows the extent of the devastation, includes all damages inflicted by storms Desmond, Eva, and Frank throughout the holiday season. The estimated sum of £1.3 billion is up from £450 million last year, but remains much below the $3 billion total for damage sustained in 2007.


According to James Dalton, the ABI's Director of General Insurance Policy, insurers have prioritized immediate requirements, such as providing families with alternative housing and assisting businesses with new trade locations.


Domestic customers have received £9 million in payments, while companies have received £15 million.

Loss adjusters who handle the more serious claims have made over 8,300 initial visits.


"The effects of flooding will be felt in affected areas for months to come." Flood-damaged houses require extensive cleaning, drying, and rehabilitation. "Insurers and their experienced teams will be there to help communities rebuild and restore over the long haul," James Dalton said.


The £1,3 billion amount was "our estimate of the total cost," according to ABI head Huw Evans, who told the BBC that "obviously these numbers could vary if future claims are made, but this is essentially what we expect the cost to be for the damage caused by the storms of the previous month."

The latest results are based on data collected between December 3 and January 3 of this year.


According to the latest provisional numbers from the Met Office, December was the wettest calendar month on record.

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