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Insurers are facing £2.5bn in claims for flood damage

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.

Insurers are currently handling more than 50,000 claims for houses and businesses damaged by the floods in both June and July.

The ABI warns that despite insurers’ best efforts, the recovery will inevitably take some time due to immense pressure on companies, equipment and suppliers as well as loss adjusters and restoration management companies.

Director of general insurance and health Nick Starling says: “Our members are working flat out but dealing with two massive events in a short space of time. Inevitably, it 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.”

Legal & General last week revealed that its general insurance business made a £38m loss in the first half of the year due to the extreme weather conditions.

Legal & General chief executive Tim Breedon says the July floods could cost it a further £30m in the second half of the year.

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