Extreme weather in 2012 costs insurers £1bn
Related Topics
Related tags
- Adaptation ,
- Management ,
- EMS ,
- Procurement
Author
Record breaking levels rainfall in the UK during 2012 resulted in 486,000 insurance claims and cost £1.19 billion, confirms the Association of British Insurers (ABI)
New figures from the Association of British Insurers (ABI) highlight the impact on businesses of extreme weather events in 2012, which was the wettest year on record in England and Wales and second wettest in the UK.
In total, insurers handled 486,000 claims last year for flood and storm damage from homeowners, businesses and motorists. Settling these claims cost £1.19 billion, the highest annual figure since the £3 billion paid in 2007.
The ABI reports that insurers handled 47,000 business property claims following flood and storm damage in 2102, and paid out £373 million in compensation to affected companies.
The average claim payout for flood-damaged properties – both domestic and commercial – was £18,200. Another £40 million was also paid by UK insurers to cover business interruption, which helped firms continue trading while repairs were made to their damaged premises.
Transform articles
IEMA reacts to UK government's Net Zero Strategy
IEMA has raised concerns around a lack of funding for proposals outlined in the UK government's Net Zero Strategy, which was published earlier this week.
Demand for fossil fuels will peak by 2025 if all national net-zero pledges are implemented in full and on time, the International Energy Agency (IEA) has forecast.
Climate change remains one of the top issues most concerning the UK public, despite the economic turmoil experienced over the last 18 months, a poll commissioned by IEMA has found.
Almost one-third of Europe's largest companies have now set net-zero emissions targets, but far less are set to deliver on their ambitions.
A group of world-leading climate scientists has today warned that carbon pricing is currently too low to deliver a just transition to a net-zero economy, and that "urgent reforms" are needed.
The Royal Botanic Gardens (RBG) in Kew has today unveiled a new strategy to tackle biodiversity loss and develop sustainable nature-based solutions to some of humanity’s biggest global challenges.
How to Save Our Planet is call to action that aims to equip everyone with the knowledge needed to make change. We need to deal with climate change, environmental destruction and global poverty, and ensure everyone’s security.
Hannah Lesbirel and Beccy Wilson speak to IEMA members about climate anxiety
Seven of the UK's 17 key industry sectors are still increasing their emissions year-on-year, and most will miss their 2050 net-zero targets without significant government action, new research suggests.
