Flooding could result in claims of £1 billion or more
July 26, 2007
The recent bad weather in the UK has taken its toll on many households, affecting some areas worse than others and causing thousands of pounds worth of damage for some families.
Torrential rain and serious flooding has seen many people suffer terrible damage to their homes, gardens, and belongings. As a result of the damage caused by the floods there has also been a flood of insurance claims, and the effects of the flooding are likely to hit insurance companies just as hard. Aviva, the owner of Norwich Union insurance, stated earlier this week that its flood insurance claims were likely to exceed £175 million.
According to recent reports the collective sum of insurance claims following the flooding is likely to exceed £1 billion, with thousands of customers submitting claims following severe damage to their homes and belongings.
Worse still, many insurance companies and officials think that the level of claims could end up being far higher than estimated with some claims still waiting to be sent in and as a result of further bad weather than has been predicted for the summer. Each average claims following flood damage has been for between £15,000 and £20,000.
The Association of British Insurers has advised those affected by the flooding to get in touch with their insurance company as quickly as possible, stating: ‘If you have been affected by flooding, contact your insurance company. Their priority is to deal with all claims as quickly as possible.’
However, officials have also added that claimants should expect lengthy delays when it comes to processing of their claims, and this is due to the sheer number of claims that have been submitted.
During the recent flooding there were around 9000 claims made in one day alone according to recent figures. This compares to normal claims figures of around 13,500 in the space of a whole year, reflecting the rise in insurance claims as a result of the weather.
Alan Wright
26th July 2007
Related Articles
- Aviva Insurance could be hit hard after flooding The recent floods across the UK have hit consumers hard, with many suffering severe damage to their homes and belongings as a result of torrential
- Insurers may not cover people in high risk flood areas In June and July of this year many areas of the UK were severely affected by torrential rain resulting in severe flooding. This flooding caused thousands
- Increase in interest in insurance following floods The recent flooding and bad weather in the UK has seen many households and homeowners suffer, with thousands of pounds worth of damage being caused
- Insurance premiums to be affected by flood costs This June in the UK was one of the wettest on record, with torrential rain and bad weather causing severe flooding and vast amounts of
- Insurance fraud detection is on the rise According to a recent report the level of insurance fraud taking place in the UK is on the rise, and many honest insurance customers are
Comments
Got something to say?