Last year insurers handled 486,000 claims for flood and storm damage, equivalent to 1,330 claims a day, in what was the wettest year on record in England and Wales.
According to the ABI, (the Association of British Insurers) the average claim payout for flood-damage was £18,200, while for storm damage it was £1,300.
The vast majority of flood and storm claims were for damaged homes; insurers paid out £690 million to repair damage and replace ruined possessions. There were 47,000 business property claims resulting from flood and storm damage, with total payouts of £373 million.
Insurers also paid out £40 million in business interruption payments so companies could continue trading while their businesses were being repaired.
Nick Starling, ABI’s Director of General Insurance, said:
‘2012 may have been a record-breaking wet one, but it was business as usual for insurers, who helped thousands of customers recover from the trauma of flooding. Insurers expect bad weather to strike any time, anywhere and last year highlighted the vital role insurance plays in helping communities recover from our increasingly volatile weather.’
Find out more about the role of insurance and natural disasters.