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Insurance industry facing claims of £1 billion

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by Kay Mitchell

It is estimated by The Association of British Insurers (ABI) that the recent flooding in the UK could leave the insurance industry facing claims over £1 billion.

Approximately 27,000 homes and 5,000 businesses experienced damage and the numbers could increase with more heavy rainfall due.

Many insurers are increasing employment levels in their call centres but customers could expect delays in processing their claims. However, priority is being given to those with medical requirements and the elderly.

The ABI and the British Insurance Brokers’ Association (BIBA) are urging the Government to increase its spending on flood defences to at least £750 million per year.

The price comparison website, Confused.com, said that insurers will have to increase premiums over the next 12 months.

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News posted: July 6, 2007

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