Insurers expect to make payments to customers hit by the recent Storms Ciara and Dennis of over 拢363 million (US$ 473.7 million), according to initial estimates from the Association of British Insurers (ABI).
Initial ABI estimates show payouts from Storms Ciara and Dennis that struck in quick succession:
- Total payments to customers estimated at 拢363 million (US$473.7 million).
- A total of 82,000 claims have been received for flood and wind damage. Of these, 64,300 were for damaged homes and possessions, 10,600 for businesses and stock, with 7,100 relating to damaged vehicles.
The ABI broke down the overall claims into flood and windstorm claims.
Flood claims had an estimated total payout of 拢214 million (US$279.3 million). These were broken down as follows:
- 3,350 domestic property flood claims, totaling an estimated 拢107 million (US$139.6 million). The average cost of repairing a flood damaged home will be around 拢32,000 (US$41,758).
- 1,500 commercial property flood claims, 拢85 million (US$110.9 million)
- 3,600 motor claims, 拢21.7 million (US$28.3 million).
Windstorm damage, which had an estimated payout of 拢149 million (US$194.4 million) is:
- 61,000 domestic property claims, totaling 拢77 million (US$100.5 million)
- 9,000 commercial property claims, 拢61 million (US$79.6 million)
- 3,500 motor claims, 拢11 million (US$14.4 million)
The flooding in parts of south Yorkshire and the Midlands in November last year are set to cost in excess of 拢110 million ($143.5 million). The last time several storms of significance struck in quick succession was in December 2015, when Storms, Eva, Frank and Desmond caused insured damaged valued at 拢1.3 billion ($1.7 billion).
Source: Association of British Insurers
Photograph: A view of a flooded street after the River Ouse burst its banks in the aftermath of Storm Ciara, in York, England on Monday, Feb. 10, 2020. Storm Ciara battered the U.K. and northern Europe with hurricane-force winds and heavy rains Sunday, halting flights and trains and producing heaving seas that closed down ports. Photo credit: Danny Lawson/PA via AP.
Was this article valuable?
Here are more articles you may enjoy.
Hippo Sells Majority Stake in First Connect Insurance to Centana Growth Partners 
Safeco to Take Personal Lines Renewal Business of Main Street America 
Judge Questions Transparency of Onion Bid for Infowars 
FEMA Fires Manager Who Told Staff to Skip Homes With Trump Signs 
