Insurance companies to pay £100million to flood-hit Brits

Experts believe that this year’s weather may cost insurance companies up to £500million.

11:56 04 December 2012

Last week’s terrible weather and heavy rains have flooded around 1,800 households. Homes from Devon and Durham were some of the hardest hits as downpours led to rivers bursting their banks.

 

Because of this, insurance companies are expected to pay £100million worth of claims. Rural insurer NFU Mutual said it had already processed more than 500 claims from homeowners living in the South West, Wales, and Midlands. The company is expected to issue about £20million payouts.

Meanwhile, The Association of British Insurers, which are expecting to receive several claims, have come up with emergency disaster procedures to help the public speed up the whole claim process.

 

An ABI spokesman said: “It is too early to say what the exact cost of the flooding will be because there are so many claims being processed but we are looking at possibly £100million or more.

 

“Those left with homes that are uninhabitable or really badly damaged are being given top priority.”

 

More claims are expected as 31 flood warnings were issued across UK and some places expecting heavy snow this week.