The Association of British Insurers (ABI) has revealed preliminary statistics, including payouts estimates, following the floods in Yorkshire and the Midlands.
According to the ABI, 4,039 flood claims have been received so far. Of these, 2,250 relate to flooded homes and businesses while the rest involve damaged vehicles. Overall, the trade body pegs the insurance compensation amount at £110 million.
Broken down, the initial payouts estimate consists of £45 million for houses and possessions; £58 million for business property and stock; and more than £7 million for automobiles.
Meanwhile it’s been noted that insurers have already made emergency payments in excess of £1.2 million to homeowners and businesses soon after the flooding. Also, at least £680,000 has so far been paid to temporarily re-house victims whose homes have become uninhabitable.
“Insurers’ first priority when the floods struck was to help flooded customers recover from the traumatic experience as quickly as possible,” said ABI assistant director and general insurance policy head Mark Shepherd. “Making emergency payments, and arranging alternative temporary accommodation where needed, helped many people cope in the immediate aftermath.
“Now the flood waters have receded, the hard work begins. Insurers and loss adjusters are working around the clock to ensure homes and businesses are fully dried out so that repairs can start as soon as possible and people can get their lives back together.”
