Insurance 'a valuable service for flood victims'

Posted : 04-12-2007

Home insurance has proved to be a "unique and extremely valuable service" for homeowners in Britain, according to the Association of British Insurers (ABI).

The organisation has said that around 165,000 claims were made on insurance policies following the floods of June and July of this year, worth some £3 million in total.

In the opinion of the ABI, with an average claim standing at £20,000, homeowners have clearly benefited from having a home insurance or property insurance policy, due in part to the fact that Britons benefit from inclusive flood protection in some such policies.

The ABI was commenting following the release of the Learning the Lessons paper, which looked back at the summer floods and responses to the situation.

Adding its support to the publication of the policy paper by the ABI is Royal Bank of Scotland (RBS), a firm that offers home insurance policies itself.

Roger Ramsden, RBS Insurance managing director of household and life says that the financial services provider is "ready and willing to engage with them [the government]" to work on a body responsible for drainage in Britain.



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