Insurance industry facing claims of £1 billion
by Kay Murchie
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.
Discuss this in the Finance Markets forums
Story link: Insurance industry facing claims of £1 billion
Related financial stories to: Insurance industry facing claims of £1 billion:
- Increase in fraudulent insurance claims
- ABI – insurance fraud costing industry billions
- Flood damage to exceed £2 billion, rise in premiums unlikely
- Fraudulent motor insurance claims worth £5 million every week
- Insurance fraud costs £1.9bn per year
Next: Car insurance is at its highest »
Visited 1241 times, 3 so far today
No Comments »
No comments yet.
RSS feed for comments on this post.
