Monday, August 15, 2022

Insurers face $472 million bill


LONDON: Insurers are expected to pay policyholders an estimated 363 million pounds ($471.79 million) for flood and wind damage from two storms in Britain last month, the Association of British Insurers said on Saturday.

A total of 82,000 claims have been received, the ABI said.

The anticipated payout compares with 110 million pounds for flooding in November, and 1.3 billion pounds for storms in December 2015.

Mark Shepherd, ABI’s Assistant Director, Head of General Insurance Policy, said that insurers’ first priority when bad weather strikes is always to help customers recover from the traumatic experience as quickly as possible.

“When the floodwaters recede, the hard work begins. Insurers and loss adjusters will continue 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,” the ABI official.

The flooding in parts of South Yorkshire and the Midlands in November last year are set to cost in excess of £110 million. The last time several storms of significance struck in quick succession was in December 2015, when Storms, Eva, Frank and Desmond caused insured damaged valued at £1.3 billion.


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