|    FM Home   |    FM News   |    FM Forum   |    FM Blog   |    24th of February 2018
|   Banking  |   Insurance  |   Property  |   Mortgages  |   Economy  |   Investments  |   Credit Cards  |   Debt  |   Loans  |   Pensions  |   Companies  |  

Insurance News feed Insurance News

All Financial News feed All Financial News

A quarter of flood claims settled

Bookmark and Share

by Kay Mitchell

Just over 100 days since the summer floods first hit parts of north and east England, at least 25% of insurance claims have now been settled, flood-hit areas included Hull, Sheffield and Doncaster.

After a meeting with the Association of British Insurers (ABI), Floods Recovery Minister, John Healey, said this is probably of little comfort to those living in temporary accommodation but the figures do show steady progress.

The Minister added that there have been rumours about areas being blacklisted for flood-related insurance cover but he confirmed that the ABI said no areas have been blacklisted and there is no proof that policy renewals are being denied.

So far, the government has made £57 million available in assistance to those affected by the floods and the insurance industry is playing a vital role.

Stephen Haddrill, director general of the ABI said that since the flooding in the north and east England, insurers have been handling over 130,000 claims for homes, businesses and cars. It is anticipated that the cost of claims from the summer floods will exceed £3 billion.

Mr Haddrill concluded that without the efforts of Britain’s insurance industry in dealing with the pain and loss caused by the floods, extra costs would have fallen on the taxpayer.

Discuss this in the Finance Markets forums

Story link: A quarter of flood claims settled

News posted: October 4, 2007

Financial Services:

Related financial stories to: A quarter of flood claims settled:
Previous: «
Next: »

Visited 1568 times, 1 so far today

No Comments

No comments yet.

RSS feed for comments on this post.

Sorry, the comment form is closed at this time.