Insurers facing a storm of payouts
19th December 2023Tweet
Insurers expect to pay out around £560m following recent Storms Babet, Ciaran and Debi.
The Association of British Insurers (ABI) expects £352m will go towards damaged homes, £155m for damaged businesses, and £53m for damaged vehicles.
In total, 48,700 claims were made, with 36,100 home insurance claims, 5,370 business insurance claims, and 7,210 vehicle damage claims. Meanwhile, 1,460 families were housed in temporary alternative accommodation.
As a result of turbulent weather this year, the ABI’s Property Insurance Premium Tracker found that the average price paid for a combined home buildings and contents policy was £350, a 15% rise on the third quarter of 2022.
Louise Clark, the ABI’s policy adviser on property insurance, said, “We may not be able to stop bad weather, but we can be more resilient to it. That is why some insurers support the Build Back Better initiative that enables flood resilient measures to be installed when repairing properties after a flood.
“The government also has a role to play by ensuring that the planning system discourages building in flood vulnerable areas. We also need building regulations that make our homes more resilient to climate change challenges like floods and storms.”Tweet
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