Insurance firms helped more than 1,300 customers recover their properties from flood and storm damage every day in 2012.
New findings released by the Association of British Insurers (ABI) revealed companies dealt with around 486,000 claims from householders, car owners and businesses, costing a total of £1.19 billion.
Of this figure, £690 million was paid out to repair damage and replace destroyed possessions, £373 million went towards handling 47,000 commercial property claims and £84 million was spent on helping motor insurance customers.
According to Nick Starling, the ABI’s director of general insurance, 2012 was a record-breaking year for claims and the data highlights the vital role insurance firms play in restoring communities.
“Flooding is the greatest natural threat facing the UK and the risk is rising so political consensus and commitment on investment in flood defences, sensible planning decisions and working with the insurance industry is essential,” he said.
The ABI recently met with government ministers to draw up a new Statement of Principles, an agreement outlining the responsibility of insurers to cover properties at greater risk of flooding.