- Newslink Insurance Global Trends-Editor's Weekly Overview
- WEF Global Risks Report 2020 says economic and political polarisation will rise-top five global risks all environmental
- Insurance Europe publishes "Ambitions for Europe" and highlights concerns regarding 2020 review of Solvency II
- GoCompare comments on FCA update on "loyalty penalty" study
- Geneva Association looks at ethics quidelines for the use of artificial intelligence in insurance
- SAS looks at combating insurance fraud with machine learning
- CyberCube signs agreement with Hiscox expired
- FRISS partners with Snapsheet expired
- SSP becomes a member of MGAA expired
- Travel insurance InsurTech battleface closes its seed financing round with backing from leading strategic and venture capital investors expired
- Asta to provide its MGA platform and comprehensive operational services to the newly-formed underwriting agency BPBUW Management expired
- Liberty Mutual Re opens in Singapore-Regional Underwriting Manager for Asia Pacific appointed expired
1st December 2019
ABI estimates recent UK flood claims could reach £110m
Insurance payouts to people hit by the recent floods in Yorkshire and the Midlands are expected to reach £110m, according to initial estimates from the Association of British Insurers (ABI).
Insurers have already made initial emergency payments of over £1.2m to help flooded homeowners and businesses in the immediate aftermath of the flooding. In addition, at least £680,000 has so far been paid in re-housing the worst hit flood victims in alternative temporary accommodation, where their homes have become uninhabitable.
Initial ABI estimates show:
So far just over 4,000(4,039) flood claims have been received: 2250 of these relate to flooded homes and businesses; 1788 to damaged vehicles.
Of the estimated £110m payouts, £45m covers damaged homes and possessions; £58m for business property and stock, with £7.5m relating to damaged vehicles.
The average household flood claim is likely to be around £31,000, and £70,000 for a flooded business. This compares to the average claim across all insured risks of £2,200 under a home insurance policy and an average claim of £11,500 on a commercial policy.
Mark Shepherd, ABI’s assistant director, head of General Insurance Policy, comments “Insurers’ first priority when the floods struck was to help flooded customers recover from the traumatic experience as quickly as possible. 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.”
ABI Trends(1,082 articles)