At the close of a week of massive flooding across parts of the UK, homeowners and insurers alike are only beginning to tot up likely losses and examine ways to safeguard properties against future damage, according to flood risk management consultancy Ambiental.
Insurers are likely to focus on urban areas, where a high concentration of both residential and commercial insured properties will "generate the highest insured losses", managing director Justin Butler of Ambiental, which provides flood risk assessments to property developers, explained.
Major urban centres including Sheffield, Hull and Leeds have all been hit by the high waters, he commented, but "we are still trying to gather information … as to exactly where was affected, how many properties were affected".
With the extent of the devastation only now becoming clear, Mr Butler remarked that the impact of the week's events on the insurance industry as a whole would "depend on the extent and severity of the flooding".
Nevertheless, early estimates of the possible extent of damage from Risk Management Solutions suggest the total payout for flood damage losses could top £500 million.
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