Insurance Payouts to U.K. Storm Victims Set to Top $470 Million

(Bloomberg) -- Insurers are set to pay at least 360 million pounds ($470 million) to customers affected by the Ciara and Dennis storms, the Association of British Insurers said.

A total of 82,000 claims were received for flood and wind damage, ABI said in a statement, with 64,300 of these for damaged homes and possessions, 10,600 for businesses and stock and 7,100 for damaged vehicles.

The news comes as the U.K. Government pledged funding for areas recently affected by natural disasters. Prime Minister Boris Johnson said at a conference in Wales that 4 billion pounds will be spent on building new flood defenses to better prepare the country against further damage. In the north of the U.K., thousands of homes and businesses in counties such as Yorkshire have been devastated by the storms.

Payouts of about 214 million pounds for flood claims and 149 million pounds for wind-related damage are likely, ABI said.

©2020 Bloomberg L.P.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.