Insurers will be hit by 100m flood bill
DAMAGE from the floods in Cumbria and south Scotland could cost insurers more than £100m, the Association of British Insurers (ABI) said yesterday.
The body also warned that up to 1,000 claims had been received by insurers already, but that it was too early to say what the total damage bill will be.
The ABI is urging those hit by the floods to contact their insurer as soon as possible.
Over 1,300 homes were left without power or water after being pummelled by the bad weather, and a typical claim is likely to cost in the range of £20,000-£40,000.
The floods of 2007 cost insurers £3bn, as 55,000 homes were hit, but this year’s are not thought to have been as wide-reaching or devastating.
There are 19 flood warnings out in force around the UK, particularly in south-western and northern parts of England, Scotland and Wales.
Nick Starling, the ABI’s director of general insurance and health, said: “Events like flooding highlight why insurance is so important.”
“The first priority for insurers will be to ensure that every claim is dealt with as quickly as possible and they will do everything they can to help customers recover,” he added.