Article: Insurance Providers Weather The Storm While Consumers Flounder
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Insurance Providers Weather The Storm While Consumers Flounder
We have just had the first year?s anniversary of the flash flooding which occurred at Boscastle in Cornwall. The floods saw some of the worst damage wrought by sudden rainfall in the UK for many years.
The flood was caused by the remains of a hurricane which crossed the Atlantic, collecting vast amounts of water crossing, and was then pushed high above an area inland of the village depositing around 1,500m litres (330m gallons) of water within two hours.
At the time insurance companies were estimating the bill for commercial damage to local businesses, would be as high as £15m.
There is perhaps some comfort for insurers in that it could have been worse. Hurricane Charley, which hit Florida around the same time, cost over an estimated £6bn.
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