Devastating floods could cost insurance industry over £100 million
The devastating floods in Cumbria and South Scotland could cost the UK insurance industry in excess of £100 million although this figure could rise significantly because the flooding has yet to subside. We have literally seen homes washed away in the flood water, vehicles left battered on the road site and indeed we have seen the unfortunate sight of casualties and fatalities during the floods.
The UK government is now looking to put together an emergency package to ensure that those affected by the torrential rain in Cumbria and the South of Scotland are provided for as soon as possible. These particular rainfall numbers have been described as "biblical proportions" and events which are unlikely to be seen for the next thousand years. However, for those who have seen their livelihoods, their homes and their businesses washed down the river this will be little consolation in these most difficult of times.
No doubt we will also find out how many households in Cumbria and the South of Scotland were under insured which will no doubt result in the emergence of various battles for compensation. This only goes to show that home insurance is a vital element of any household budget and even though it may be tempting to reduce your insurance cover, or indeed suspend it in these difficult economic times, it is in many ways a false economy.
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Brown And The £40 Billion Bail Out (Part Two)
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Dow rises as markets digest rescue plan's rejection
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Zurich Financial Services To Cut 700-900 Jobs In The UK
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The move was announced as part of an ongoing financial re...
Why are first-time buyers not flocking back to the property market?
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The substantial reduction across the UK property market has prompted suggestions that first-time buyers are looking towards properly again although the figures so far do...