Insurance companies consider flood claims

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Thursday, 19 July 2007

The insurance industry is to meet with Government ministers to consider how best to deal with the aftermath of the recent floods in the UK.

Prime Minister Gordon Brown has announced a £14m relief package for those affected, while the cost to insurers is expected to be in the region of £1.5bn.

The flooding is believed to have affected 31,200 homes and 7,000 businesses, with the Midlands and northern England the hardest hit areas.

With many people still currently unable to return to their homes, the Government is calling on insurers to deal with claims promptly.

The Association of British Insurers (ABI) said that the meeting would provide an opportunity to update ministers on how the insurance industry has been handling the large number of claims.

However, Nick Starling of the ABI commented, 'The problem with flooding is that the damage is very severe, it takes a long time to deal with, it takes a long time for properties to dry out before you can actually start remedying and rebuilding'.

posted by BusinessBods.co.uk @ 04:48

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