The wettest winter on record is likely to result in insurers paying an estimated £1.1 billion for flood insurance claims and the projected cost of storm damage  for the period 23 December 2013 to 28 February this year, according to updated figures released today by the Association of British Insurers.

The ABI said insurers were paying £446 million in claims to customers whose homes, businesses, and vehicles were flooded – the equivalent of £6.7 million a day Taking into account the projected cost of storm damage claims over the same period, the ABI said insurers will be paying an estimated £1.1 billion to help their customers recover from the effects of the bad weather.

Between 23 December 2013 and 28 February this year insurers have received 17,500 flood claims: 9,000 from homeowners, 5,400 for flooded vehicles, and 3,100 from businesses. Of the £446 million, an estimated £276 million is expected to be paid to flooded homeowners, with  £149 million going to business owners and £22 million to vehicle owners.

In addition to flood claims, Insurers received 421,500 storm claims; 361,600 from homeowners, 15,200 for storm-damaged vehicles and 44,700 from businesses.

Loss adjusters have now made over 6,500 visits to flooded properties to assess the damage, organise emergency payments, and get drying out and repairs started as quickly as possible.

Otto Thoresen, ABI’s Director General, said:

"The flood waters may have mostly receded, but for many the distress of being flooded remains raw. Insurers and loss adjusters are playing a crucial role in the recovery process. A badly flooded property can take months to become habitable again, so insurers continue working around the clock to  ensure that the drying out process is completed as quickly and as safely as possible.

"While of course this was a serious and significant bad weather event the current flood damage costs remain well below the severe floods of 2007 when insurers paid out £3 billion to customers.”