ABI predits £1bn losses from flood claims
The Association of British Insurers has given a bleak assessment of claims resulting from recent flooding, doubling RMS' estimate yesterday with a prediction of £1bn in liabilities. In a statement issued today, the ABI said insurers are working round the clock to assist customers who have been flooded. The ABI estimates that 27,000 homes and 5,000 businesses have been affected by the recent floods and storms and that the cost of claims is expected to reach £1bn. "This figure could rise if more properties are affected by further flooding", it said.
Stephen Haddrill, director general, said “Insurers are working as hard as possible to reach customers and to visit properties early. But these events are so widespread that insurers are redeploying
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