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01

UK insurers braced for £426m Christmas storm bill

Open-access content Tuesday 28th January 2014 — updated 5.13pm, Wednesday 29th April 2020

UK insurers are expected to pay out around £426m for storms and flooding that disrupted travel and damaged thousands of homes over the Christmas and New Year period, according to the Association of British Insurers

Insurers dealt with 174,000 claims for damage to homes, businesses and cars between December 23 2013 and January 8 2014, the ABI said. 

Aidan Kerr, the ABI's head of property, said: 'Insurers are playing a crucial role in helping customers affected by the storms and floods recover. Together with loss adjusters, insurers reacted quickly to help flood victims get through Christmas.

'This was a traumatic event for those affected, and shows the importance of having adequate property insurance. The insurance industry is fully prepared to deal with the damage caused by bad weather like this.'

Earlier this month, Impact Forecasting estimated that the December storms that hit Europe would cost insurers $1.6bn (£970m), while economic losses would be even greater.

The St. Jude storm in October cost insurers £130m. 

This article appeared in our January 2014 issue of The Actuary.
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