Flood claims to top £2 billion
- Published: 23/07/2007
Flood claims are set to rise above the £2 billion mark, after weekend rain left parts of northern, central and southern England under water.
The Association of British Insurers (ABI) says that flooding that took place in June in central and northern England, affecting cities such as Sheffield and Hull, will cost insurers around £1.5 billion.
And heavy rainfall recently hitting the central counties of Worcestershire, Gloucestershire and Herefordshire will likely cost hundreds of million of pounds in addition, the ABI claims.
"With June and July combined, we could see losses in excess of £2 billion," a spokeswoman for the ABI said.
"It could well be our biggest year so far. At the moment it isn't but we are only in July."
But insurers are not particularly worried about the costs, the ABI spokeswoman said, claiming that premiums have stayed steady over the last decade, despite some costly years.
Only around 25 per cent of people in the UK have home and contents insurance, with renters particularly under-represented in these categories, ABI figures show.
The Association of British Insurers (ABI) says that flooding that took place in June in central and northern England, affecting cities such as Sheffield and Hull, will cost insurers around £1.5 billion.
And heavy rainfall recently hitting the central counties of Worcestershire, Gloucestershire and Herefordshire will likely cost hundreds of million of pounds in addition, the ABI claims.
"With June and July combined, we could see losses in excess of £2 billion," a spokeswoman for the ABI said.
"It could well be our biggest year so far. At the moment it isn't but we are only in July."
But insurers are not particularly worried about the costs, the ABI spokeswoman said, claiming that premiums have stayed steady over the last decade, despite some costly years.
Only around 25 per cent of people in the UK have home and contents insurance, with renters particularly under-represented in these categories, ABI figures show.