ABI says 36,000 claims put 470 in temporary accommodation
The Association of British Insurers (ABI) has upped its estimate of the claims cost of damage caused by November’s flooding in Cumbria to £206 million.
- 60% was business damage
- 36,000 flood and storm damage claims
- Interim payments ranged from £250 to £400,000
- 470 in temporary accommodation
Nick Starling, the ABI’s director of general insurance and health, said: “Insurers are playing a critical role in getting Cumbria back on its feet following the devastating flooding.
“It can take months for badly flood-damaged properties to fully dry out, which is why insurers are paying for temporary accommodation or alternative business premises for those most badly affected.
“This event highlights how important it is for firms to have business continuity insurance to ensure that they can continue trading while the business recovers and local infrastructure, such as bridges, are repaired.
Be prepared
“This was a traumatic and tragic event for those affected, but not for insurers, who expect to deal with extreme weather incidents like this during the year.
“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 that the Flood and Water Management Bill becomes law, and is implemented the better.”
