A series of Atlantic storms have caused widespread damage and disruption to properties in recent weeks
Insurance claims in the wake of storms Ciara and Dennis are expected to reach close to half a billion pounds combined.
Latest estimates for the cost of Storm Dennis which battered the UK last weekend alone are expected to be between £175m-£225m, according to PwC.
Dennis has caused significant flooding in parts of west and southern England, with no sign of a let-up in the conveyor belt of turbulent weather afflicting the UK in recent weeks.
The storms have flooded out hundreds of properties and led to several deaths, with several warnings still in place.
General insurance leader at PwC, Mohammed Khan, said: “There has been far more flood damage from Storm Dennis compared to Storm Ciara – which was mainly wind damage.”
Towns and villages along the rivers Wye and Severn were particularly hit by Storm Dennis.
New homes
Meanwhile, research from thinktank Bright Blue suggests up to 70,000 homes could be ineligible for insurance cover by Flood Re because they were built after 1 January 2009.
Flood Re was set up in 2015 to provide cover for up to 350,000 properties built on flood plains and every UK insurer must contribute to it. It raises £180m a year which is used to reimburse insurers for valid flood claims.
Bright Blue said that up to 20,000 of these new homes are not protected by flood defences.
Yesterday insurer NFU Mutual said it would pay out £20m in Storm Ciara-related claims.
Meanwhile, Welsh rugby club Bedwas RFC was forced to seek donations to give it going after its insurance policy did not cover flood damage.
The club’s grounds were devastated after a nearby river flooded its facilities in the wake of Storm Dennis.
No comments yet