Insurers are set to pay up to £500 million [$782.3 million] or £17 million [$26.6 million] every day – to customers who have suffered flood and storm damage during the wettest June on record, according to latest estimates from the Association of British Insurers.
Nick Starling, the ABI’s Director of General Insurance, commented: “The widespread floods of this summer highlight how vital flood insurance is. During June alone insurers helped 68,000 customers hit by the floods and storms.
“Millions of people rely on the protection of flood insurance, which is why we continue in constructive discussions with the Government exploring how flood insurance can continue to remain as widely available and affordable as possible.”
Source: Association of British Insurers