£1.5bn insurance bill after floods

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The Association of British Insurers (ABI) said there had been an increase in the number of homes and businesses that were the subject of claims.

It said insurers were now dealing with claims from around 27,500 homes and 7,000 businesses.

The ABI, which previously thought only 5,000 businesses had been affected, said the increase in the number of business claims, combined with a better understanding of the damage caused to many homes, prompted the increase in its estimate of the total cost.

It said the majority of properties where claims had been made had now been visited, and work had started on drying out properties and undertaking repairs.

It added that the insurance industry had mobilised its staff and contractors from around the country to get things back to normal as quickly as possible.

Stephen Haddrill, director general of the ABI, said: "Insurers continue to work flat out to help customers in these difficult times.

"Families, elderly customers and those with health difficulties remain our priority but we also recognise the urgent need to get business back to work as quickly as possible."

Meanwhile, high street bank Abbey warned that up to 7,000 homes affected by the floods would not have contents insurance.

It said research showed one in four homes across the country did not have contents cover. It added that many people who thought they were protected would also find they were not adequately insured.