So far this century we’ve seen some extreme weather events… even here in Britain. Weather events inevitably trigger many insurance claims; below are the top 5 worst weather events to have hit Britain in recent years in terms of insurance costs:
- In 2007 during the summer floods 11 people were killed across the uk. The worst affected areas were Gloucestshire, Oxfordshire, Yorkshire, the Midlands, Herefordshire and Northern Ireland. There were reportedly £3bn worth of claims made related to these events alone.
- During the winter of 2010/2011 we suffered the coldest December recorded for 100 years. We saw temperatures in Scotland plumet to -20C, and snow and ice bought the whole country to a standstill. It has been reported that the severe cold created £1.4bn worth of claims.
- Another cold winter which affected insurance claims was that of 2009/2010 nicknamed The Big Freeze by the media due it being the worst for 30 years, and it caught the UK totally unawares! The claims created during this winter due to the extreme weather amounted to £650m.
- In 2009 the UK saw the heaviest rainfall in a single day for over 50 years. Cockermouth in Cumbria was the worst hit area, but there was widespread damage across the county. £174m was the estimated cost all the claims reached.
- Many people in Northern Europe who were looking forward to their holidays in 2010 were disspointed due to the ash cloud which was created from the Icelandic volcano Eyjafjallajokull. This kicked off the largest closure of European airspace since World War II. £70m were the reported insured losses; however the European airlines had swallow a large £1.3bn – 2.2bn of uninsured losses.
Source: Insurance times 10-12 February 2012