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Storm insurance bill to reach £1.3 billion

Storm insurance bill to reach £1.3 billion

Storm insurance bill to reach £1.3 billion

On a day when flash floods have spread across the UK, new figures have been released showing the full extent of the damage from last year’s winter storms.

According to a release from the Association of British Insurers, the final bill for all repairs is now expected to reach £1.3 billion.

The ABI has reported that of 15,000 property claims received after storms Desmond, Eva and Frank, 90 per cent have now been either fully or partly settled. The figures break down to 94 per cent of domestic customers and 83 per cent of commercial customers. Commercial claims are said to take longer because of their generally larger value and because claims for business interruption cover can often only be settled once accounts have been provided.

According to Mike Shepherd, manager of general insurance policy at the ABI, the repairs carried out could not come soon enough.

“These latest numbers show insurers continue to make good progress with the important work of getting everyone’s lives back to normal,” he said. “Insurers are committed to getting all customers back in their properties as safely and as quickly as possible and there is the same sense of urgency now as in the immediate aftermath.”

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