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11

St Jude to cost insurers £130m, says ABI

Open-access content Thursday 7th November 2013 — updated 5.13pm, Wednesday 29th April 2020

UK insurers are expected to pay out around £130m to people whose homes, businesses and vehicles were damaged by last week’s storm, according to the Association of British Insurers

The ABI said its members would deal with a total of 105,000 claims by customers affected by the St Jude storm. 

Aidan Kerr, the ABI's head of property, said: 'The storm was a significant event with some tragic consequences, but advance warning meant that people were well prepared and could take steps to minimise damage and disruption.

'Violent weather like this is exactly what insurers expect to deal with during the year, and they will have mobilised claims teams to help customers recover as quickly as possible.'

Catastrophe modelling firm AIR Worldwide estimated insured losses caused by the European-wide storm at between €1.5bn and €2.5bn, with the majority of the losses occurring in Denmark and Germany. Significant insured losses also occurred in the UK, France, Netherlands and Sweden. 

AIR added: 'While the size of individual claims is expected to be relatively low, the overall volume of claims is expected to be significant due to the size of the affected area. 

'AIR expects that industry insured loss in Denmark will be highest, followed by Germany, the Netherlands, France, and the UK.'

This article appeared in our November 2013 issue of The Actuary .
Click here to view this issue

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