Insurance firms have settled 9 in 10 flood insurance claims from the recent winter storms that hit the UK, the Association of British Insurers (ABI) has revealed.
The industry body said the number of claims fully or partly settled after six months has reached 93%, with major progress on several large commercial claims.
According to the ABI, 95% of domestic customers and 89% of commercial customers have had their claims fully or partially settled.
The ABI said there are several reasons for the unsettled pay-outs, including the possibility that some contractors carrying out work may not yet have yet billed the insurers. Also, policy holders may be choosing to plan other improvement works on top of the repairs.
Insurers have provided £70 million in emergency payments to homes and businesses and will look to make interim disbursements where needed, the ABI said.
“Insurers are making excellent progress repairing the thousands of properties affected by last winter’s floods but we know that there are still some people who face more months out of their homes and businesses,” said Laura Hughes, ABI property policy adviser.
In June, the ABI estimated that the final bill for repairs in the wake of storms Desmond, Eva and Frank was expected to reach £1.3 billion.
The ABI is also publishing a new guide that seeks to help home and business owners prevent or reduce flood damage.
“There are now many different ways that can help make properties more likely to survive a flood without serious damage being done, and we hope this new guide will encourage more people to consider them,” Hughes said.
December flood losses now over £1b
Storm insurance bill to reach £1.3 billion