Insurers expect to pay more than $473.7 million to UK customers hit by the recent Storms Ciara and Dennis, according to initial estimates from the Association of British Insurers (ABI).

Initial ABI estimates show payouts from Storms Ciara and Dennis that struck in quick succession:

• Total payments to customers estimated at £363 million (US$473.7 million).
• A total of 82,000 claims came in for flood and wind damage. Of these, 64,300 were for damaged homes and possessions, 10,600 for businesses and stock, with 7,100 relating to damaged vehicles.

The ABI broke down the overall claims into flood and windstorm claims.

Flood claims had an estimated total payout of £214 million (US$279.3 million). These were broken down as follows:

• 3,350 domestic property flood claims, totaling an estimated £107 million (US$139.6 million). The average cost of repairing a flood damaged home will be around £32,000 (US$41,758)
• 1,500 commercial property flood claims, £85 million (US$110.9 million)
• 3,600 motor claims, £21.7 million (US$28.3 million)

Windstorm damage, which had an estimated payout of £149 million (US$194.4 million) is:

• 61,000 domestic property claims, totaling £77 million (US$100.5 million)
• 9,000 commercial property claims, £61 million (US$79.6 million)
• 3,500 motor claims, £11 million (US$14.4 million)

The flooding in parts of south Yorkshire and the Midlands in November last year are set to cost in excess of £110 million ($143.5 million). The last time several storms of significance struck in quick succession was in December 2015, when Storms Eva, Frank and Desmond caused insured damaged valued at £1.3 billion ($1.7 billion).

Source: Association of British Insurers

*This story ran previously in our sister publication Insurance Journal.