The damage caused by Storms Dudley, Eunice and Franklin that hit much of the UK during February is expected to lead to insurers paying out nearly £500 million in dealing with 177,000 insurance claims, according to the Association of British Insurers (ABI).
Figures from the ABI show that there have been 177,000 claims notified for damaged homes, businesses and vehicles, with total payouts of £497 million expected. Of these claims, 169,500 relate to property damage costing £473 million.
There were also 7,522 claims for damage caused to vehicles, leading to incurred claims worth £23 million.
This overall payout figure compares to the estimated £543 million paid in storm and flood claims following Storms Ciara, Dennis and Jorge in February 2020.
Insurers have so far responded with emergency payments worth £13 million to relieve immediate hardship.
The ABI estimates that £2.2 million will be paid in arranging alternative temporary accommodation for policyholders whose homes were uninhabitable while repairs being carried out.
Sarah Brodie, senior policy adviser for general insurance at the ABI, commented: “Storms and floods are exactly the type of unwelcome event that insurance protects against.”
Brodie continued: “When bad weather strikes, the priority for insurers is always do all they can to help their customers recover from what can be a traumatic and costly experience as quickly as possible.”
“From making immediate emergency payments where needed, arranging temporary alternative accommodation while badly damaged properties are being repaired, to organising repairs, insurers continue to support their customers whenever storms strike.”
Responding to the ABI figures, Rebecca Rogers, head of property claims at Allianz Commercial, said: “We experienced a claims surge in February as Storm Eunice blew exceptionally strong winds over the UK and Storm Franklin caused flooding in several regions. However, we were well prepared for this.”