December storms to cost Direct Line up to £140m
Direct Line Insurance Group estimates insurance claims for the series of storms in December will total between £110m to £140m.
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It followed Storm Desmond on December 5 to 6, Storm Eva on Christmas Eve, and Storm Frank on December 28 and 29, all of which caused severe flooding in parts of the UK.
The FTSE 100 company said home claims are estimated at between £80m and £100m, which compares with the company’s normal annual level of claims from major weather events of around £80m.
The group said it expects part of it to be offset through a reduced profit share to partners.
Meanwhile commercial claims are expected to be between £30m and £40m, £15m to £25m more than expected in an average year.