Context
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. 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.
Key points to note
The figures published by the Association of British Insurers (ABI) show that:
- There have been 177,000 claims notified for damaged homes, businesses and vehicles, with total payouts of £497million expected. Of these claims, 169,500 relate to property damage costing £473 million.
- Emergency payments to relieve immediate hardship totaled £13 million.
- It is estimated that £2.2 million will be paid in arranging alternative temporary accommodation for policyholders whose homes were uninhabitable while repairs being carried out
- There were 7,522 claims for damage caused to vehicles, leading to incurred claims worth £23 million.
Next actions
None – for information and awareness