Insurers Predict Increased Losses Due to More Frequent Wind Storms

July 12, 2017

Residential Property

Insurers Predict Increased Losses Due to More Frequent Wind Storms

The Association of British Insurers (ABI) has warned that an increase in global temperature, widely believed to cause more wind storms, may lead to an increase of insurance losses of up to 25% in certain parts of the country. While flooding is another factor widely linked with global warming, the ABI says that wind damage affects far higher numbers of people less severely. 

Research carried out for the ABI predicts that a temperature increase of just 1.5⁰ could lead to an 11% increase in insurance losses across the whole of the UK with the increase most felt in Northern Ireland, the West Midlands and Yorkshire. The research indicates that if the temperature increase were to be 3⁰ the UK-wide increase could be 23%.

Experts predict that the strongest winds will shift north which may lead to a reduction in annual loss due to wind storm damage in certain areas, the estimate figures being 20% in the South East and -16% in London.

Matt Cullen, Head of Strategy at the ABI says people should start preparing now,  and that ‘Planners and builders should be aware of the need for more wind-resistant construction in specific areas of the country if claims are to be kept to a minimum and residents spared the distress and expense of higher levels of wind damage’.

Source: ABI News Articles

posted by Kate Garrow | July 12 2017