Insurers expect to pay out £500 million to support customers
Insurers expect to pay out nearly £500 million to support customers hit by damage from Storms Dudley, Eunice and Franklin
The damage caused by Storms Dudley, Eunice and Franklin that hit much of the UK during February is expected to lead to insurers paying out nearly £500 million in dealing with 177,000 insurance claims. This overall payout figure compares to the estimated £543 million paid in storm and flood claims following Storms Ciara, Dennis and Jorge in February 2020.
The figures published by the Association of British Insurers (ABI) show that:
There have been 177,000 claims notified for damaged homes, businesses and vehicles, with total pay-outs of £497million expected. Of these claims, 169,500 relate to property damage costing £473 million.
Emergency payments to relieve immediate hardship totalled £13 million.
It is estimated that £2.2 million will be paid in arranging alternative temporary accommodation for policyholders whose homes were uninhabitable while repairs being carried out
There were 7,522 claims for damage caused to vehicles, leading to incurred claims worth £23 million.