After several nights of chaos in London and around the UK, the Association of British Insurers (ABI) updated its estimate of the total cost of insured losses to be over $323 million (£200 million). Given the scale of damages, the ABI has requested to extend relevant claims request periods from the standard 14 days to the maximum 42 days.
“It is too early for us to have an accurate picture of total costs, especially business interruption costs, but insurers are expecting significant losses, in excess of £200 million,” Nick Starling, director of General Protection and Health at ABI, said in a statement.
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