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UK floods: Ministers meet insurance bosses | UK floods: Ministers meet insurance bosses |
(about 1 hour later) | |
Insurance bosses are meeting ministers in Downing Street to discuss their response to the recent floods in parts of southern and south-west England. | Insurance bosses are meeting ministers in Downing Street to discuss their response to the recent floods in parts of southern and south-west England. |
The meeting comes after David Cameron urged the industry to deal with flood claims as quickly as possible. | The meeting comes after David Cameron urged the industry to deal with flood claims as quickly as possible. |
Insurers say they have paid £14m to flood victims since December. | Insurers say they have paid £14m to flood victims since December. |
Two severe flood warnings remain in place for the South West but a yellow warning for rain, previously issued for Tuesday, is no longer in force. | Two severe flood warnings remain in place for the South West but a yellow warning for rain, previously issued for Tuesday, is no longer in force. |
There are also about 260 less serious flood warnings and flood alerts in place for England and Wales. | |
Forecasters are predicting a drier week across the UK - but warned of further heavy rain and high winds in some parts on Thursday. | Forecasters are predicting a drier week across the UK - but warned of further heavy rain and high winds in some parts on Thursday. |
'Ready and waiting' | 'Ready and waiting' |
Thousands of properties have been flooded in the UK since the severe weather began, with the cost to insurers expected to amount to more than £1bn. | Thousands of properties have been flooded in the UK since the severe weather began, with the cost to insurers expected to amount to more than £1bn. |
Industry leaders have been called to Downing Street to discuss their response to the crisis and are expected to give a briefing on steps being taken to help flood victims. | Industry leaders have been called to Downing Street to discuss their response to the crisis and are expected to give a briefing on steps being taken to help flood victims. |
About £14m in emergency payments has been made since 23 December, according to the Association of British Insurers (ABI), with individual households receiving between £500 and £3,000. | About £14m in emergency payments has been made since 23 December, according to the Association of British Insurers (ABI), with individual households receiving between £500 and £3,000. |
And about £24m has been spent on hotels, bed-and-breakfasts and rented homes, it said, with an average estimated cost per affected household projected to be £16,500. | And about £24m has been spent on hotels, bed-and-breakfasts and rented homes, it said, with an average estimated cost per affected household projected to be £16,500. |
The ABI added that more than 2,000 loss adjusters were "ready and waiting" to assess the damage when flood waters had subsided sufficiently, and 1,800 staff have been reassigned to deal with customer queries. | The ABI added that more than 2,000 loss adjusters were "ready and waiting" to assess the damage when flood waters had subsided sufficiently, and 1,800 staff have been reassigned to deal with customer queries. |
Insurers at the summit are also being asked to address concerns that some customers could have trouble getting flood insurance in future. | Insurers at the summit are also being asked to address concerns that some customers could have trouble getting flood insurance in future. |
Currently, insurers must renew policies unless defences are inadequate but can push prices up to unaffordable levels, said the BBC's personal finance correspondent, Simon Gompertz. | Currently, insurers must renew policies unless defences are inadequate but can push prices up to unaffordable levels, said the BBC's personal finance correspondent, Simon Gompertz. |
Next year a new agreement should make getting cover easier for many - but businesses are being left out and could find flood insurance much harder to obtain in future, he said. | Next year a new agreement should make getting cover easier for many - but businesses are being left out and could find flood insurance much harder to obtain in future, he said. |
Malcolm Tarling, of the ABI, told the BBC that in future, some premiums may have to rise. | Malcolm Tarling, of the ABI, told the BBC that in future, some premiums may have to rise. |
He said: "Insurers will change premiums to reflect the flood risk. If the flood risk goes up then for businesses, that may have to be reflected in the cost of insurance." | He said: "Insurers will change premiums to reflect the flood risk. If the flood risk goes up then for businesses, that may have to be reflected in the cost of insurance." |
On Monday, the prime minister unveiled a £10m fund to help businesses recover from the floods. | On Monday, the prime minister unveiled a £10m fund to help businesses recover from the floods. |
'Stepped-up effort' | 'Stepped-up effort' |
Ahead of Tuesday's summit, flooding minister Dan Rogerson said: "We all need to pull together to help those areas badly affected by the floods, so they can get back on their feet as quickly as possible. | Ahead of Tuesday's summit, flooding minister Dan Rogerson said: "We all need to pull together to help those areas badly affected by the floods, so they can get back on their feet as quickly as possible. |
"Dealing with the aftermath will take time and requires a stepped-up national effort." | |
The chief executives of Aviva, Direct Line Group, Axa, Lloyds Banking Group and Ageas, the claims director of RSA and underwriting director of Axa are due to attend, representing 60% of the market. | The chief executives of Aviva, Direct Line Group, Axa, Lloyds Banking Group and Ageas, the claims director of RSA and underwriting director of Axa are due to attend, representing 60% of the market. |
Cabinet Office ministers Oliver Letwin and Jo Johnson are chairing the meeting - which is to be held monthly - and are being joined by ABI director general Otto Thoresen, Mr Rogerson and communities minister Brandon Lewis. | Cabinet Office ministers Oliver Letwin and Jo Johnson are chairing the meeting - which is to be held monthly - and are being joined by ABI director general Otto Thoresen, Mr Rogerson and communities minister Brandon Lewis. |
Mr Thoresen said insurers were "geared up to help in every way they can". | Mr Thoresen said insurers were "geared up to help in every way they can". |
Labour leader Ed Miliband, who had been visiting flood-hit areas of Somerset, said the government had to help people who had been affected by floods. | |
"What we can't have is the anguish of people being driven from their homes being made worse by insurance companies dragging their feet," he said. | |
"That's why the government has to force the insurance industry to set a clear standard for people having their temporary expenses covered and for how quickly they can expect to get the help so they can get back into their homes." | |
Live flood warnings from the Environment Agency | Live flood warnings from the Environment Agency |
Enter your postcode to see alerts near you | Enter your postcode to see alerts near you |
There were some heavy showers in south-east England, southern Scotland and the far north of England on Tuesday morning but the weather will turn drier in the evening for much of the country. | |
BBC Weather's Chris Fawkes said this week's weather was looking "nowhere near as stormy" but more rain and high winds were expected later in the week. | BBC Weather's Chris Fawkes said this week's weather was looking "nowhere near as stormy" but more rain and high winds were expected later in the week. |
Have you been affected by flooding? Have you contacted your insurance company? Email us at haveyoursay@bbc.co.uk with the subject heading 'UK weather'. | Have you been affected by flooding? Have you contacted your insurance company? Email us at haveyoursay@bbc.co.uk with the subject heading 'UK weather'. |
Send your pictures and videos to yourpics@bbc.co.uk or text them to 61124 (UK) or +44 7624 800 100 (International). If you have a large file you can upload here. | Send your pictures and videos to yourpics@bbc.co.uk or text them to 61124 (UK) or +44 7624 800 100 (International). If you have a large file you can upload here. |
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