Initial estimates from the Association of British Insurers (ABI) published today suggest the final amount ABI members will pay out to affected customers is likely to be around £520 million for floods which hit the north of the UK over the 4th and 5th of December.

The extreme weather in the form of Storm Desmond resulted in major flooding to properties across parts of Cumbria, Lancashire and in the Scottish borders. I

To date insurers have so far made emergency payments totalling £2.6 million - of these £1.7 million has been to domestic customers and £900,000 to businesses.

Customers have made 23,700 claims for property damaged by either flood or storm. Just over 4,000 of these claims relate to businesses. A further 2,800 motor claims have been received. More than 4,500 initial visits have been made by loss adjusters, who handle the more severe claims

James Dalton, Director of General Insurance Policy at the ABI, said:

"Following Storm Desmond, insurers and their representatives have been there beside those affected to provide practical help and support as quickly as possible. Being flooded is hugely traumatic and insurers have worked round the clock to get the repair process under way, provide immediate payments to people affected and find families somewhere warm and dry to stay.”

"The flood waters have mostly receded but for affected families and businesses the impact is going to be felt for months. Insurers and their expert teams will be there for the long haul to help communities rebuild and repair."

The estimates are based on aggregated data that has been collated from ABI members and grossed up to represent the market share of all ABI members.

In 2014, the ABI’s members represented 81% of the UK property insurance market.  The ABI has produced a guide: Responding to Major Floods to help guide people through claiming following a flood, including the drying out and restoration process.