The Association of British Insurers has revealed that claims in relation to the recent July floods in the UK are expected to reach GBP1 billion. This, along with the forecasted GBP1.5 billion of claims from the Yorkshire floods in June, would bring the total claims cost to GBP2.5 billion.
According to the Association of British Insurers (ABI), insurers are currently handling more than 50,000 claims following the recent floods. Latest figures show that the July floods have so far resulted in 12,000 claims for flood damaged homes, and 3,500 claims from businesses. Insurers are also continuing to deal with over 27,500 household and 7,000 business claims following the Yorkshire floods.
Nick Starling, the ABI’s director of general insurance and health, said: The priority for insurers is to help their customers pick up the pieces from these devastating floods. More vulnerable customers, and the hardest hit, are placed at the top of the list.
Our members are working flat out, but dealing with two massive events in a short space of time inevitably means that things may take a little longer. Where areas are under water we must wait for the water to recede before we can do anything to assess the damage. Our members are doing what they can to help contact and help policyholders in this situation.