By Daniel Machin
More than £446 million will be paid out to victims of the severe winter floods, it is claimed.
The Association of British Insurers (ABI) estimates that around £276 million will to be paid to around 9,000 home owners whose properties were flooded.
A further £149 million will go to businesses after 3,100 claims were received from this sector, while £22 million will be paid to vehicle owners following 5,400 claims for damaged motors.
Flooded customers have already received emergency payments of £27 million.
Alternative accommodation cost £24 million
The wet weather led to insurers arranging temporary alternative accommodation for more than 2,100 flooded households at a projected cost of £24 million.
But ABI director general Otto Thoresen admits there is a long way to go before those affected can get back to their normal lives.
"The flood waters may have mostly receded, but for many the distress of being flooded remains raw," he said.
"Insurers and loss adjusters are playing a crucial role in the recovery process.
"A badly flooded property can take months to become habitable again, so insurers continue working around the clock to ensure that the drying out process is completed as quickly and as safely as possible."
Getting repairs started
Loss adjusters have so far made over 6,500 visits to flooded properties across the UK to assess the damage, organise emergency payments, and get drying out and repairs started.
Even more visits are expected in the coming months as the full extent of the bad weather is uncovered.
The total bill is the equivalent of £6.7 million being paid out by insurers per day for the period covering December 23 to the end of February.
But the projected £446 million is well below what insurers dished out following the severe floods of 2007, when they paid out a sum of £3 billion to customers.