Flood damage or storm damage can be disastrous for home-owners businesses and motorist and during 2012 the UK became one of the wettest which include insurance claims.
2012 became one of the wettest for England and Wales with insurance companies handling approx 486,000 claims for flood and storm damage from home owners, businesses and motorists totalling 1,333 claims per day. The costs of the claims being approximately £1.19 billion and this being the highest figure since £3 billion was paid in 2007.
An average pay out for flood-damaged properties – domestic and commercial was around £18,200 and for a storm damaged building approx £1,300.
- 411,000 claims for flood and store damaged homes, paying out £690 million to repair damage and replace possessions
- 47,000 business property claims were made for flood and store damage paying out £373 million. In addition insurers paid out £40 million in business interruption payments to help firms continue trading while their premises were being repaired
Nick Starling, ABI’s Director of General Insurance, said “2012 may have been a record-breaking wet one, but it was business as usual for insurers, who helped thousands of customers recover from the trauma of flooding. Insurers expect bad weather to strike any time, anywhere and last year highlighted the vital role insurance plays in helping communities recover from our increasingly volatile weather. Flooding is greatest natural threat facing the UK and the risk is rising so political consensus and commitment on investment in flood defences, sensible planning decisions and working with the insurance industry is essential”.