UK floods lead to STG446m in payouts 

THE severe winter floods in the UK are likely to result in more than STG446 million ($A829.92 million) being paid out to people whose homes, businesses and vehicles were damaged, according to updated figures from insurers.

The Association of British Insurers (ABI) estimates that around STG276 million will to be paid to around 9000 home owners whose properties were flooded, STG149 million will go to businesses after 3100 claims were received from this sector, and STG22 million will be paid to vehicle owners, with 5400 claims for flooded vehicles received.

The total bill is the equivalent of STG6.7 million being paid out by insurers per day for the period covering December 23 to the end of February.
The ABI said that flooded customers have already received emergency payments of STG27 million.
The wet weather led to insurers arranging temporary alternative accommodation for more than 2100 flooded households at a projected cost of STG24 million.
Loss adjusters have made more than 6500 visits to flooded properties to assess the damage, organise emergency payments, and get drying out and repairs started.
"The flood waters may have mostly receded, but for many the distress of being flooded remains raw," said ABI director general Otto Thoresen.
"Insurers and loss adjusters are playing a crucial role in the recovery process. A badly flooded property can take months to become habitable again, so insurers continue working around the clock to ensure that the drying out process is completed as quickly and as safely as possible."
Mr Thoresen continued: "While of course this was a serious and significant bad weather event the current flood damage costs remain well below the severe floods of 2007 when insurers paid out STG3 billion to customers."

source-www.news.com