The Association of British Insurers has upped the estimated cost of the recent floods to £1bn which brings the total cost of the summer flooding to £2.5bn.
The July floods have so far resulted in 12,000 claims for flood damaged homes, and 3,500 claims for businesses according to ABI figures and insurers are currently handling a total of over 50,000 claims for houses and businesses damaged by floods in both June and July.
The ABI warns that, despite insurers doing their best, recovery will inevitably take some time due to immense pressure on companies, equipment and suppliers, as well as loss adjusters and restoration management companies.
ABI director of general insurance and health Nick Starling say the priority for insurers is to help their customers pick up the pieces from these devastating floods and those customers who were hardest hit are at the top of the list.
He says: “Our members are working flat out, but dealing with two massive events in a short space of time inevitably means that things may take a little longer.
“Where areas are under water we must wait for the water to recede before we can do anything to assess the damage. Our members are doing what they can to help contact and help policyholders in this situation.”
Starling urges the Government to invest more in flood defences to reduce the chances of this happening again and warns against building new homes in areas at high risk of flooding.