One year on from the Cumbria floods, the ABI today highlights how insurers have helped flooded homeowners and businesses recover. The floods led to the tragic loss of a life and caused widespread damage and disruption. 

The floods that hit the region this time last year led to insurers:   

·  Dealing with 25,000 flood and storm damage claims from customers.
·  Paying out in total £174 million in repairing damaged homes and businesses, and arranging alternative accommodation for people whose properties were uninhabitable while repairs were being carried out.
·  Getting affected businesses up and trading as quickly as possible. £104 million was paid out in claims to flood-hit local firms. These included a hotel, whose flood damaged rooms were repaired in time for them to open for the busy Christmas period, and some shops in Cockermouth that, less than a month after having been badly flooded, had been fully dried, rewired and were back open for business.
·  Arranging temporary accommodation for 470 people while their uninhabitable homes and businesses were being repaired. Of these people, 94% are now back in their properties. Those not yet returned will be from the most badly damaged properties, which can take over a year to dry out. Drying out and repair times also depend on the age and construction of the property Insurers continue to do everything possible to get those still out back as soon as possible, including measures such as using specialist drying companies to speed up the recovery process.     

Nick Starling, the ABI’s Director of General Insurance and Health, said:
 
“Last November’s floods were a tragic and traumatic event for Cumbria. No one should under-estimate the misery and destruction that flooding brings. Insurers acted extremely quickly to help flood victims get back on their feet, and continue to do everything possible to get anyone still out of their badly damaged property back as soon as possible.  

“Events like this highlight why flood insurance is so important. With the flood risk set to worsen across the UK, insurers are determined that flood insurance continues to as remain widely available as possible. To ensure this happens, the Government needs to implement a long-term flood management strategy. Managing the flood threat better will reduce the risk of devastating floods, like those that hit Cumbria last year, from happening again.”       

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Notes

Notes for Editors  

1. Enquiries to: Liz Forster   020 7216 7444 (Mobile: 07717 578 586),    Malcolm Tarling   020 7216 7410 (Mobile: 07776 147 667), Erfan Hussain      020 7216 7411 (Mobile: 07712 841841841184), Kelly Ostler-Coyle  020 7216 7415 (Mobile: 07968 364 302)  

2. The ABI is the voice of the UK’s insurance, investment and long-term savings industry. It has over 300 members, which together account for around 90% of premiums in the UK domestic market.   The UK insurance industry is the third largest in the world and the largest in Europe, helping individuals and businesses protect themselves against the everyday risks they face. It pays out over £230 million per day in pension and life insurance benefits and over £50 million per day in general insurance claims. The industry is an important contributor to the UK’s economy: it manages investments of £1.5 trillion, over 20% of the UK’s total net worth; employs more than 300,000 people in the UK alone; is the fourth highest contributor of corporation tax; and is a major exporter, with one-fifth of its net premium income coming from overseas business.   

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4.  More news and information from the ABI is available on our web site, www.abi.org.uk.