England flood bill exceeds $3.5 billion
Flooding throughout parts of England is expected to cost local insurers £1.5 billion ($3.5 billion), according to the Association of British Insurers (ABI).
The ABI upgraded its forecast of claims losses after tallying an increase in business claims and “clearer information about the amount of damage to many homes”.
About 27,500 homes and 7000 businesses have been damaged in the floods, with Humberside, Yorkshire and the Midlands the worst affected areas.
“Insurers continue to work flat out to help customers in these difficult times,” ABI Director-General Stephen Haddrill said.
“Families, elderly customers, those with health difficulties and getting businesses back to work are our priority.
“And we will be talking to our customers about how we can help them avoid the trauma of a similar event in future – for example through using more flood-proof building techniques.”
The ABI upgraded its forecast of claims losses after tallying an increase in business claims and “clearer information about the amount of damage to many homes”.
About 27,500 homes and 7000 businesses have been damaged in the floods, with Humberside, Yorkshire and the Midlands the worst affected areas.
“Insurers continue to work flat out to help customers in these difficult times,” ABI Director-General Stephen Haddrill said.
“Families, elderly customers, those with health difficulties and getting businesses back to work are our priority.
“And we will be talking to our customers about how we can help them avoid the trauma of a similar event in future – for example through using more flood-proof building techniques.”