Updated: Fri, 14 Mar 2014 01:23:04 GMT | By Press Association

Floods lead to £446m in payouts

The severe winter floods are likely to result in more than £446 million being paid out to people whose homes, businesses and vehicles were damaged, according to updated figures from insurers.


The winter's flood damage is expected to lead to more than £446 million in compensation payouts from insurers

The winter's flood damage is expected to lead to more than £446 million in compensation payouts from insurers

The severe winter floods are likely to result in more than £446 million being paid out to people whose homes, businesses and vehicles were damaged, according to updated figures from insurers.

The Association of British Insurers (ABI) estimates that around £276 million will to be paid to around 9,000 home owners whose properties were flooded, £149 million will go to businesses after 3,100 claims were received from this sector, and £22 million will be paid to vehicle owners, with 5,400 claims for flooded vehicles received.

The total bill is the equivalent of £6.7 million being paid out by insurers per day for the period covering December 23 to the end of February.

The ABI said that flooded customers have already received emergency payments of £27 million.

The wet weather led to insurers arranging temporary alternative accommodation for more than 2,100 flooded households at a projected cost of £24 million.

Loss adjusters have made over 6,500 visits to flooded properties to assess the damage, organise emergency payments, and get drying out and repairs started.

Otto Thoresen, ABI's director general, said: "The flood waters may have mostly receded, but for many the distress of being flooded remains raw.

"Insurers and loss adjusters are playing a crucial role in the recovery process. A badly flooded property can take months to become habitable again, so insurers continue working around the clock to ensure that the drying out process is completed as quickly and as safely as possible."

Mr Thoresen continued: "While of course this was a serious and significant bad weather event the current flood damage costs remain well below the severe floods of 2007 when insurers paid out £3 billion to customers."

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