ABI assistant director Aidan Kerr is confident that industry can deal with damage

Damage caused by the storms and flooding over the Christmas and New Year period is set to cost the industry £426m, the ABI has said.

Between 23 December 2013 and 8 January 2014 insurers dealt with 174,000 claims for damage to homes, businesses and cars.

ABI assistant director and head of property Aidan Kerr said the insurance industry is fully prepared to deal with the damage caused by the weather.

Kerr added: “Insurers are playing a crucial role in helping customers affected by the storms and floods to 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.”