Flood payout to hit £110mpublished at 13:38 Greenwich Mean Time 27 November 2019
BBC Business News
Insurance payouts to people hit by the recent floods in Yorkshire and the Midlands are expected to reach £110m, according to initial estimates from the Association of British Insurers.
So far 4,039 flood claims have been received - 2,250 related to flooded homes and businesses and 1,788 to damaged vehicles.
Of the estimated £110m payouts, £45m covers damaged homes and possessions; £58m for business property and stock, with £7.5m relating to damaged vehicles.
The ABI reckons the average household flood claim is likely to be about £31,000, and £70,000 for a flooded business.
“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,” said Mark Shepherd of the ABI.