Flood And Storm Damage Claims In 2012 Exceeded £1 billionSunday 17th February 2013
Over 1,300 customers a day were helped by insurers to recover from flood and storm damage in 2012, according to new figures recently released by the Association of British Insurers.
2012 proved to be the wettest recorded year in England and Wales and second wettest in the UK, resulting in insurers handling 486,000 claims for flood and storm damage from homeowners, businesses and motorists. This equated to 1,330 each day. The cost of the claims totalled £1.19 billion, the highest annual figure since the £3 billion paid in 2007.
The average claim payout for flood damaged properties - domestic and commercial - was £18,200 and, in respect of storm damage, £1,300.
Overall figures revealed Insurers:
• Dealt with 411,000 claims for flood and storm damaged homes, paying out £690 million to repair damage and replace ruined possessions.
• Handled 47,000 business property claims following flood and storm damage, paying out £373 million. In addition, insurers paid out an additional £40 million in business interruption payments, enabling firms to continue trading while their premises were being repaired.
• Dealt with 27,000 claims for flood and storm damaged vehicles, paying out £84 million to motor insurance customers.