$11+ Million a Day in U.K. Flood Insurance Claims, Says ABI

March 18, 2014

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:

“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