Insurers working 'flat out' to settle claims
Insurers are currently handling over 50,000 claims following the recent floods, as well as the earlier flooding in Yorkshire, the ABI said today.
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.
The ABI said: "At this early stage the estimated insured cost is likely to reach £1 billion. This would push up the estimated combined cost for both flood incidents to £2.5 billion."
Insurers continue to deal with over 27,500 household and 7,000 business claims following the Yorkshire floods.
While insurers are doing everything possible to handle all claims promptly, they warned that recovery could inevitably take some time, as there was immense pressure on companies, equipment and suppliers, especially loss adjusters and restoration management companies, the ABI said.
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.
“We must reduce the chances of this happening again. The Government must invest more in flood defences, and new homes must not be built in areas at high risk of flooding.”
