Yorkshire and Midlands Flood Damage Payouts Set to Top pound sterling100 Million Says the ABI

LONDON, England, Nov. 27 -- The Association of British Insurers issued the following news:

Insurance payouts to people hit by the recent floods in Yorkshire and the Midlands are expected to reach pound sterling110 million, according to initial estimates out today from the Association of British Insurers (ABI).

Insurers have already made initial emergency payments of over pound sterling1.2 million to help flooded homeowners and businesses in the immediate aftermath of the flooding. In addition, at least pound sterling680,000 has so far been paid in re-housing the worst hit flood victims in alternative temporary accommodation, where their homes have become uninhabitable.

Initial ABI estimates show:

* So far just over 4,000 (4,039) flood claims have been received: 2250 of these relate to flooded homes and businesses; 1788 to damaged vehicles.

* Of the estimated pound sterling110 million payouts, pound sterling45 million covers damaged homes and possessions; pound sterling58 million for business property and stock, with pound sterling7.5 million relating to damaged vehicles.

* The average household flood claim is likely to be around pound sterling31,000, and pound sterling70,000 for a flooded business. This compares to the average claim across all insured risks of pound sterling2,200 under a home insurance policy and an average claim of pound sterling11,500 on a commercial policy.

Mark Shepherd, ABI's Assistant Director, Head of General Insurance Policy, said:

Insurers' first priority when the floods struck was 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.

"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."