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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.


Sants warning to advisers that business models must change

New FSA chief executive Hector Sants has warned adviser firms they must be ready and willing to change their business models in response to the retail distribution review to put an end to market failures.Speaking publicly for the first time about the RDR, Sants told the annual public meeting in London: “It is obviously clear […]

Direct debit could save £200 a year

The average household can save £208 a year by paying all their household bills by direct debit, claims Bacs.The body, which operates the banking industry’s direct debit system, says 85 per cent of people prefer to pay by direct debit.Its research is part of a campaign to raise awareness of direct debit. Bacs has created […]

Government confirms Isa changes

The Government has set its Isa reforms in stone laying out regulations to ensure greater flexibility and long-term stability for the product.Economic secretary to the Treasury Kitty Ussher today laid regulations to make Isas available indefinitely, allow Peps to automatically become stocks and shares Isas and allow savers to transfer money saved in cash Isas […]

5D Finance chief executive steps down

5D Finance has confirmed that Keith Howard has stepped down as chief executive officer to pursue other activities.William Hodson and Owen Espley have both been named co-interim chief executive officers of the non-conforming mortgage lender.Hodson, who is the chief financial officer, formed the business with Howard in 2006. Espley, who is the chief operating officer, […]

A modern horror story

Every day a quick scan of the news reveals some new horror that will change the lives of those involved forever – the unlucky accident on the way to work, a tragic illness that cuts a young life short or the holiday accident that leaves more than just a scar to cope with. We barely […]


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