The final bill for all repairs arising out of the floods caused by storms in December 2015 is expected to hit £1.3bn, according to new research from the Association of British Insurers (ABI).
A series of storms – named Desmond, Eva and Frank – hit the UK over the Christmas period, causing a series of devastating floods.
The damage led to more than 15,000 insurance claims being made for flooded homes and businesses, with 85 per cent of these at least partly paid out so far, the ABI said.
Of the £1.3bn total bill, around £27.5m was spent on alternative accommodation for families whose homes were damaged by the floods.
“Being flooded is horribly traumatic, not only because of the initial devastation but also because of the time it can take to get your home and business fully repaired and back in working order," said Mark Shepherd, manager of general insurance policy at the ABI.
"Insurers are committed to getting all customers back in their properties as safely and as quickly as possible and it’s good to know that thousands of homes and businesses are getting back to normal nearly six months on.
"Small businesses are the lifeblood of many local economies and insurers have been working flat out to get many open and trading again."
Following the first of last December's storms, Storm Desmond, PwC said the bill for the damage could rise to as much as £250m. The financial services firm also said the floods highlighted the need for more investment in defences against natural catastrophes in the UK.