U.K. insurers face 1.1 billion pounds ($1.8 billion) of claims from storms and flooding in the wettest winter on record, according to the Association of British Insurers.
Flooding losses from Dec. 23 to Feb. 28 may reach 446 million pounds, equivalent to about 6.7 million pounds a day, the industry lobby group said in a statement today. The rest of the total will come from storm-related damage, it said.
“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 3 billion pounds to customers,” Otto Thoresen, ABI’s director general, said in the statement.
Homes along the River Thames west of London suffered water damage, while parts of Somerset in southwest England were submerged after a series of storms in the wettest winter for some areas since records began. The ABI said insurers received 17,500 flood claims since late December, 9,000 from homeowners, 5,400 for vehicles and 3,100 from businesses.
Aviva Plc, the U.K.’s second-biggest insurer by market value, last week reported 60 million pounds of claims from the U.K. floods. Direct Line Insurance Group Plc said in February that weather losses may cost it as much 110 million pounds.