UK Insurers to Pay Out $701 Million from December, January Floods

January 31, 2014

The insured bill for the damage caused by the storms and flooding over the Christmas 2013 and New Year period looks set to cost £426 million [$701 million], according to the Association of British Insurers (ABI).

The ABI said that between the 23rd of December, 2013 and the 8th of January, 2014 insurers dealt with 174,000 claims for damage to homes, businesses and cars.

Aidan Kerr, the ABI’s Assistant Director, Head of Property, commented: “Insurers are playing a crucial role in helping customers affected by the storms and floods recover. Together with loss adjusters, insurers reacted quickly to help flood victims get through Christmas. Insurers will continue to work closely with customers to ensure the repair process is completed as soon as possible.

“This was a traumatic event for those affected, and shows the importance of having adequate property insurance. The insurance industry is fully prepared to deal with the damage caused by bad weather like this.”

Source: Association of British Insurers (ABI)

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