Hundreds of properties were affected by the flooding event earlier this month
The estimated costs of the flood damage to communities hit by the recent Yorkshire floods could reach £110m, according to the ABI.
The devastating floods led to 1,200 homes evacuated and 500 properties flooded in communities near Doncaster in northern England earlier this month.
PwC had estimated the cost at between £80-£120m, including business interruption.
”Insurers have already made initial emergency payments of over £1.2 million to help flooded homeowners and businesses in the immediate aftermath of the flooding.
”In addition, at least £680,000 has so far been paid in re-housing the worst hit flood victims in alternative temporary accommodation, where their homes have become uninhabitable,” the ABI said in a statement.
The ABI’s figures show that:
-So far just over 4,000 (4,039) flood claims have been received: 2250 of these relate to flooded homes and businesses; 1788 to damaged vehicles.
-Of the estimated £110 million payouts, £45 million covers damaged homes and possessions; £58 million for business property and stock, with £7.5 million relating to damaged vehicles.
-The average household flood claim is likely to be around £31,000, and £70,000 for a flooded business. This compares to the average claim across all insured risks of £2,200 under a home insurance policy and an average claim of £11,500 on a commercial policy.
The ABI’s assistant director, head of general policy Mark Shepherd said: “Insurers’ first priority when the floods struck was to help flooded customers recover from the traumatic experience as quickly as possible.
”Making emergency payments, and arranging alternative temporary accommodation where needed, helped many people cope in the immediate aftermath.
“Now the flood waters have receded, the hard work begins. Insurers and loss adjusters are working around the clock to ensure homes and businesses are fully dried out, so that repairs can start as soon as possible, and people can get their lives back together.”
Earlier, Direct Line said it had seen £10m worth of claims from the north of England floods.