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ABI says recent floods bring cost to insurers to £2bn

The Association of British Insurers has recieved some 8,000 claims from the flooding over the past 72 hours, which it estimates will cost insurers £500m, bringing the total expense of the summer floodings to £2bn.

But ABI spokesperson Jon French says many people are still underwater so that figure is expected to rise.

Insurers have suggested they will stop offering home and contents insurance to people and businesses in flood risk areas after a recent National Audit Office report revealed only 57 per cent of Britain’s flood defence systems are in good condition.

But the ABI says its agreement with the Government, where by insurers provide cover as long as the Government invests in flood defences, is still implace.

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