Insurance payouts to people hit by the recent floods in Yorkshire and the Midlands should reach £110m, according to estimates published by the Association of British Insurers.

Of this amount, £45m covers damaged homes and possessions; £58m business property and stock and £7.5m damaged vehicles.

Insurers have made initial emergency payments of over £1.2m to assist flooded homeowners and businesses in the immediate aftermath of the flooding, said the association.

Over £680,000 have so far been paid to re-house the worst-hit flood victims in alternative temporary accommodation, where their homes have become uninhabitable.

ABI’s assistant-director and head of general insurance policy, Mark Shepherd said that insurers’ first priority when the floods struck had been to help flooded customers recover from the traumatic experience as quickly as possible.

“Making emergency payments, and arranging alternative temporary accommodation where needed, helped many people cope in the immediate aftermath,” he added.

“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.”

Over 4,000 flood claims have been received, 2,250 of which relate to flooded homes and businesses and 1,788 to damaged vehicles. The average flood claim is likely to be around £31,000 for a home and £70,000 for a business.

Share Story: