The cost of damage caused by last November’s devastating flooding in Cumbria has now topped £200 million, according to figures released today by the ABI.
Latest ABI figures show that:
- The cost of insurance claims following the floods is now estimated at £206 million. Over half – 60% – of this cost relates to business damage.
- Insurers have handled 36,000 flood and storm damage claims from cutomers.
- Interim payments made by insurers to help homeowners and firms cope have ranged from £250 to £400,000.
- Alternative temporary accommodation has been arranged for 470 customers, whose flood-damaged homes and businesses have been uninhabitable while being repaired.
Flood victims who insurers have helped get back on their feet include:
- A hotel, whose flood-damaged rooms were repaired in time for them to re open for the busy Christmas period.
- A shop in Cockermouth that, less than a month after having been badly flooded, had been fully dried, rewired and reopened.
Nick Starling, the ABI’s Director of General Insurance and Health, said: “Insurers are playing a critical role in getting Cumbria back on its feet following the devastating flooding. It can take months for badly flood-damaged properties to fully dry out, which is why insurers are paying for temporary accommodation or alternative business premises for those most badly affected. This event highlights how important it is for firms to have business continuity insurance to ensure that they can continue trading while the business recovers and local infrastructure, such as bridges, are repaired.
”This was a traumatic and tragic event for those affected, but not for insurers, who expect to deal with extreme weather incidents like this during the year.
“We cannot control the weather, but we can minimise its impact. People who live and work in the region, and throughout the UK, need to be better protected against the rising flood risk. That is why the sooner that the Flood and Water Management Bill becomes law, and is implemented the better.”
