Association calls for better flood protection for UK homes and businesses
Insurers will pay out more than £200m in compensation for the floods in Cumbria last November, the ABI said this week.
The association has doubled its original estimate of £100m, which many industry insiders said at the time was too low.
Insurers have handled 36,000 flood and storm damage claims. Sixty per cent of the claims related to business damage.
ABI director of general insurance and health Nick Starling said: “We cannot control the weather, but we can minimise its impact. People who live and work in the region, and throughout the UK, need to be better protected against the rising flood risk. That is why the sooner the Flood and Water Management Bill becomes law, and is implemented, the better.”
In December, Insurance Times revealed that AXA would bear a disproportionate amount of the costs arising from the floods. Chief executive Philippe Maso said the insurer faced a claims bill of up to £60m, and predicted an upwards revision of the overall cost to £200m-£250m.