The Association of British Insurers (ABI) has revealed that the number of insurance claims for flooded homes and businesses made in the aftermath of the storms in December has climbed to more than 15,000.
The organisation said that so far, 85% of the claims have been fully or partly paid out by insurance providers.
“Insurers are committed to getting all customers back in their properties as safely and as quickly as possible and it’s good to know that thousands of homes and businesses are getting back to normal nearly six months on,” said Mark Shepherd, ABI general insurance policy manager.
“Small businesses are the lifeblood of many local economies and insurers have been working flat out to get many open and trading again,” he added.
According to ABI, the average cost of each domestic claim for the floods caused by storms Desmond, Eva and Frank is around £50,000.
This amount is higher than usual, ABI said, and reflects the extensive damage caused by the flood waters in some areas.
Insurers are also spending almost £27.5mn on alternative accommodation for affected families whose properties are being repaired. The final bill for all repairs is expected to reach £1.3 billion.
“Repairing a flooded building cannot be rushed because of the importance of making sure it is properly dried out before repairs are done,” Shepherd said. “The work needed to fully restore every single property affected in December continues with the same sense of urgency as in the immediate aftermath.”