24-07-2007
Flood insurance claims will cost hundreds of millions
Insurance claims following the recent flooding across parts of the UK are likely to cost well over £100 million, it has been claimed.
According to the Financial Times, the Association of British Insurers (ABI) has estimated the total cost would lead to claims in the realm of "hundreds of millions of pounds", with the average business insurance claim costing £100,000.
"Insurers already have emergency plans in place to deal with these floods and will pull out all the stops to help policyholders," said Nick Starling, director of general insurance and health at the ABI.
"Their main priority is to arrange emergency repairs, get people into temporary accommodation where needed and visit properties as soon as they can," he added.
For domestic insurance claims however, the average claim is estimated to be between £15,000 and £30,000.
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