PwC Insurance partner comments on the UK storm St Jude

Published at 15:38 PM on 28 October 2013

Commenting on the UK storm St Jude that hit last night, Mohammad Khan, insurance partner at PwC said:

"The UK insurance sector will pick up most of the bill from the damage caused by the storm that threatens the south of the UK. The storm is hitting the largest exposure in insurers books: where the density of properties is highest and where buildings are the least tested to high wind speeds. It is too early to comment on the extent of the damage, however, early indications are that St Jude's is not as bad as the 1990 or the 1987 UK storms which cost the UK insurance industry £3.4bn and £2bn respectively. The number of households without power is currently estimated to be approximately 220,000 compared to over 500,000 homes in 1990 and 150,000 homes without telephone communications in 1987.

"This is not to say that homeowners and car owners will not be badly affected. People affected should call their insurers as soon as possible to inform them of any damage to their houses and cars. They should also keep a copy of all receipts for any remediation work they carry out to make it as easy as possible for them to receive the full claims payout from their insurance"

ENDS

 

Miranda Ward PwC | Financial Services PR

Office: +44 (0)20 7 212 4363 | Mobile: +44 (0) 7803 455 991

Email: [email protected] PricewaterhouseCoopers LLP

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