ABI highlights extent of flood cost

ABI highlights extent of flood cost

Extreme weather and flooding over the festive period caused damage to the tune of around £426 million due to be paid out by insurers.

Car insurance firms received endless claims for vehicle damage after severe weather battered the UK between late December and mid January.

Some 174,000 claims, which also relate to homes and businesses, were made during the period culminating in an estimated £426 million worth of payouts being made, according to the Association of British Insurers (ABI).

ABI director Aidan Kerr said insurers would work alongside customers to ensure repairs are made quickly and efficiently.

He added that the damage caused over this time highlights the importance of having adequate insurance

The estimate was made amid claims that there has been 20 years of under-investment in flood defence work in the Somerset Levels.

The Environment Agency hit back with claims that additional dredging of the rivers would have failed to halt the winter flooding and said this method was not always the most appropriate long-term or economically viable solution.

Copyright Press Association 2014