Three nights of riots in London and other British cities will raise the final insurance bill in England to hundreds of millions of pounds.
In recent days, Nick Starling, director of General Insurance and Health at the British Insurers Association (ABI), made the forecast after further riots in Birmingham, Bristol, Croydon, Louisham and other tens of millions, but the full scope of the robberies became apparent arson and criminal damage.
The association added that it is still too early to have an accurate picture of total costs:
“It is too early for us to have an accurate picture of total costs, especially the costs of business interruptions, but insurers expect significant losses of at least £ 10 million.”
News of recent events shows that a number of business premises have been looted and vandalized, including an apparent attack on a furniture store in Croydon, South London, which has been traded in the same place for more than 100 years.
ABI called on people affected by the riots in London and other parts of the country to contact their insurer as soon as possible. Many insurers maintain 24-hour helplines and will be available to support those affected.
ABI has also written to business groups to inform business owners that many commercial insurance policies will cover them for trade losses as well as damages. People should contact their insurer for information and advice.
Nick Starling said:
“We are always sympathetic to residents and business owners who have suffered damage to their property.”
“We urge people to contact their insurer as soon as possible to check what they are covered for and to arrange immediate assistance. Many insurers maintain a 24-hour claim line and can help people arrange emergency repairs. “
“Home insurance should cover people for fire, robbery or damage. Many policies will also cover the cost of accommodating people if they cannot stay at home. “
He added that the priority for insurers right now is to help people during this incredibly traumatic time.
Regarding riot-affected businesses, ABI informs people that:
“Most commercial insurance policies will cover business for damage to their premises, including disruption of their business as a result of fire, robbery and other damage caused by recent unrest.”
It is important to know that some policies will cover those businesses that are not damaged but whose trade has been affected by the effects of the riots.
Prime Minister David Cameron has announced that the riot police compensation scheme will work normally.
Prime Minister David Cameron has announced that the riot police compensation scheme will work properly, which has been welcomed by the UK insurance industry, and the ABI is committed to using its expertise to help the government and police authorities implement the scheme.
Otto Thoresen, CEO of ABI, said:
“The insurance industry is already paying claims to people with insurance, but it wants to do more to support the government to help people get back on their feet.”
The association also welcomes the prime minister’s consent to his request to extend to a maximum of 42 days the time during which claims can be filed under the scheme.
The announcement came when ABI revised its estimated value of claims likely to be paid by the insurance industry in excess of £ 200 million.
In addition, the CEO of ABI said:
“We will work in partnership with the government and share our experience to ensure that police compensation schemes work effectively and to obtain compensation for people who need it quickly. It is important after the sad events of the last days to do everything possible to help people recover. “
ABI is the voice of the British insurance, investment and long-term savings industry. It has over 300 members, which together account for about 90% of the premiums in the UK internal market.
The insurance industry in the United Kingdom is the third largest in the world and the largest in Europe.