16 June 2016 Insurance

Large percentage of claims now settled after December storms: ABI

The Association of British Insurers (ABI) has reported further progress with the clean-up in the wake of winter storms, with 90 percent of the 15,000 property claims received after Storms Desmond, Eva and Frank now either fully or partly settled.

The final bill for all repairs following the storms is expected to reach £1.3 billion.

ABI has been able to break down the figure for different types of property, which shows 94 percent of domestic customers and 83 percent of commercial customers have had their claims fully or party settled.

According to ABI, commercial claims can take longer to settle because some of them are for very large values and also because claims for business interruption cover can often only be settled once accounts have been provided so the impact on loss of profits can be accurately calculated.

It remains vital that Government invests in the long-term flood risk management of these areas in order to better protect them from the chances of future flooding, according to ABI.

ABI has said will continue to lobby for greater investment from core Government expenditure for the effective management of flood risk throughout the UK.

Mark Shepherd, manager of general insurance policy at ABI, said: “For everyone affected by December’s storms we know the repairs to their homes and businesses can’t happen soon enough.

“These latest numbers show insurers continue to make good progress with the important work of getting everyone’s lives back to normal.

“Insurers are committed to getting all customers back in their properties as safely and as quickly as possible and there is the same sense of urgency now as in the immediate aftermath.”

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