Winter weather highlights importance of insurance - Insurance - News - Moneyfacts

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Winter weather highlights importance of insurance

Winter weather highlights importance of insurance

Category: Insurance

Updated: 26/11/2012
First Published: 12/03/2010

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
The importance of having adequate insurance has been revealed, after insurers said they paid out £650 million in claims relating to the recent bad weather.

The coldest winter in thirty years saw 335,000 claims paid out to customers who had suffered damage to their homes, businesses and vehicles, according to the Association of British Insurers (ABI).

The heavy snow and freezing temperatures saw 268,400 motor insurance claims paid out amounting to £395 million, most of which were for accidental damage caused by slippery roads.

Around 66,600 home insurance claims were paid relating to weather damage, double the amount that would typically be paid over the same period.

"Insurers will always respond quickly to the large number of claims that often result from bad weather," said Nick Starling, the ABI's director of general insurance and health.

"From dealing with snow damaged roofs, burst pipes, to repairing or replacing vehicles damaged by treacherous driving conditions, insurers helped their customers get through the snow and the freezing temperatures.

"Insurers have paid out nearly £1 billion to customers following bad weather this winter, as the heavy snow came weeks after the flooding in Cumbria, which led to insurers paying out £200 million in flood claims."

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Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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