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£2.5bn in flood-related claims expected

Insurers are estimating that flood-related claims will hit £2.5bn this summer and economists say the total cost to the affected regions will exceed £3bn.

Norwich Union has received 7,500 household and business claims and more than 1000 motor claims from the Gloucester area alone.

Norwich Union spokesperson Rebecca Holmes says the customer call volume has doubled overall and call numbers in flood-affected areas have increased 10-fold.

She says: “We have doubled the number of staff in our call centre to cope with the increase in customer claims.

“Once customers contact us, we send loss adjusters to them as soon as possible to assess the damage and we respond according to each individual situation.”

DA Hill Financial Services principal Don Hill, who is based in Tewksbury, says as far as he’s concerned insurance companies have responded well to customers.

He says: “Assessors came to the affected areas quite quickly and it seems that they’re doing the right thing by their customers.

“What we’ll have to watch for is that they don’t pull the wool over people’s eyes and cheat them a little. If they do the assessments very quickly while people are stressed and emotional they might get away with making lower payments.”


Jersey set for regulatory revamp

The Jersey Financial Services Commission is consulting on overhauling its regulatory framework around investment, deposit-taking, insurance and trust company business to come in line with international standards.

All change

Rumours are hotting up as to who will replace Stephen Leaman at Openwork, with several names in the running.

M&G conducts bond reshuffle

M&G has made a management reshuffle on the group high yield bond funds following David Fancourt’s move to the group’s collateralised debt obligations (CDO) team.

Derek Stuart: where to find value in the UK?

Derek discusses a number of Œself-help stories as examples of where he is finding good opportunities in the UK With the FTSE trading at historically high levels, many investors have questioned whether UK equities continue to offer value. But, as Derek points out, the headline figures mask many opportunities at a sector level. He has […]


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