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Insurance claims up due to bad weather

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by Elaine Frei

Insurance claims up due to bad weather

Barclays Home Insurance, a division of Barclays Bank (LSE: BARC; NYSE: BCS; TYO: 8642), has said that insurance claims from damage from cold, stormy conditions in the past two months have soared. Weather conditions in the UK during that period have included flooding, freezing snow, and a tornado in north London.

Storm damage to UK households was up by 158 percent in January, compared to the same month in 2006, the insurer said. The damages have included water damage, fences broken due to high winds, and even roofs blown off in the storms. According to the insurer, 60 percent of current home insurance claims are related to the bad weather since Christmas. Claims for the period total around £300 million, with the average policy paying out approximately £500.

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News posted: February 23, 2007

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