Floods push home insurance costs up

My Account
Logout

Create an Evening Standard Account

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Welcome! Sign in here

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Forgot your password ?

Registration

* indicates fields that are mandatory

Email *

Password *

Confirm Password *

First name *

Surname *

Postcode *

Country *

Mobile phone number

Username *

Gender *

Year of birth *

When you sign up...

You will have access to all our online competitions, discounted offers and can post comments on our site.

You will also receive The Weekender newsletter sent every Thursday - it’s full of fantastic offers and ideas for the weekend. You can update your email preferences in your account page when you log in.

Other newsletters and emails

Homes & Property Newsletter - Yes I want to receive the weekly email with all the latest news on property in the capital

Occasionally we would also like to send you relevant emails detailing specific offers either from ourselves or carefully selected partners. If you would prefer not to receive these then please tick the appropriate boxes below. We will never pass on your details.

I do not want to receive additional offers and information from the Evening Standard

I do not want to receive additional offers and information sent by Evening Standard on behalf of carefully selected partners

Terms and Conditions

* I have read, understood and agree to be bound by the terms and conditions of Evening Standard

Registration

Mail Sent for Registration Confirmation.

A confirmation email has been sent. Please activate your account by clicking on the activation link sent in your mail box.

Norwich Union is planning to introduce double-digit increases following the natural disasters in June and July which cost the company some £340 million.

Other insurers are expected to follow suit after the flooding left the industry with claims totalling around £4 billion.

A spokeswoman for Aviva, Norwich Union's parent company, said premiums had already been under review but the flooding was a "significant" factor in driving up prices.

She said: "It will be an average of 10% for household customers. There are a number of issues, of which the floods have been the most significant. They are significant events but not the whole picture - there are other factors that come into it."

But a spokesman for leading insurer Lloyds TSB said it was too early to assess the effects of the flooding, and its priority was to help its customers before looking at the impact of the disaster.

Norwich Union said earlier that the recent floods in Gloucestershire and the South would cost it £165 million. This is in addition to the £175 million it will pay out for the floods in the north of England during June.

Igal Mayer, chief executive of Norwich Union Insurance, said: "Having visited Gloucestershire myself, I've witnessed at first hand the traumatic and emotional impact the floods have had on our customers.

"We're bringing in additional contractors and specialist equipment to ensure repairs are carried out as quickly as possible, and we're in discussions with local authorities to find the best solution to providing temporary accommodation for those who have had to leave their homes. We will continue to do everything we can to help our customers affected by these devastating events return to normal as soon as possible."

James Harrison, chief executive of premium comparison website Insurancewide, said he expected other insurers to follow Norwich Union's lead in raising premiums.