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It is "far too early to say" if and by how much insurance premiums will go up after thousands homes and businesses were damaged by the south coast floods, according to the Association of British Insurers.
Malcolm Tarling told Daybreak that insurers would "do the maths" after flood victims had been allowed to safely move back into their homes.
The Association of British Insurers estimates it will be paying out £1.1 billion to customers affected by floods and storms in the wettest winter on record.
£446 million of that figure will be paid out for flood damage alone. Here is how it breaks down:
- £276 million in payouts
- 9,000 flood-hit home owners
- £149 million in payouts
- 3,100 claims were received from this sector
- £22 million will be paid to flood-hit vehicle owners
- 5,400 claims for flooded vehicles
An estimated £1.1 billion will be paid in insurance claims to people whose homes, businesses and vehicles were damaged in floods and storms this winter, according to figures released today by the British insurance industry.