Insurance claims from the recent spate of floods in the U.K. are averaging $11.18 million a day, according to the Association of British Insurers (ABI).
The “wettest winter on record is likely to result in [$744 million] being paid in insurance claims to customers whose homes, businesses and vehicles were flooded,” according to updated figures released by the ABI last week, covering the period from Dec. 23, 2013 to Feb. 28, 2014.
“Taking into account the projected cost of storm damage claims over the same period, insurers will be paying an estimated [$1.84 billion] to help their customers recover from the effects of the bad weather,” the ABI said.
The bulletin summarized the claims relevant to the two-month period as follows:
- Insurers received 17,500 flood claims: 9,000 from homeowners, 5,400 for flooded vehicles and 3,100 from businesses.
- An estimated $460.5 million is expected to be paid to flooded homeowners; $248.6 million to business owners and $36.7 million to vehicle owners.
- Flooded customers have already received emergency payments of $45 million.
- Insurers have arranged temporary alternative accommodation for more than 2,100 flooded households at a projected cost of $40 million and are doing everything possible to get people back into their homes as soon as it is safe.
- Loss adjusters have made more than 6,500 visits to flooded properties to assess the damage, organize emergency payments, and get cleanup and repairs started as quickly as possible.
- In addition to flood claims, insurers received 421,500 storm claims: 361,600 from homeowners, 15,200 for storm-damaged vehicles and 44,700 from businesses.
“The flood waters may have mostly receded, but for many the distress of being flooded remains raw,” said ABI Director General Otto Thoresen. “Insurers and loss adjusters are playing a crucial role in the recovery process. A badly flooded property can take months to become habitable again, so insurers continue working around the clock to ensure that the drying out process is completed as quickly and as safely as possible.”
Source: Association of British Insurers