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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. In August this year, just a week after Birmingham was battered by a tornado, residents in Bristol witnessed a twister which was up to 1,000 ft (300metres) long sweeping across the skies over the southern suburbs. The twister swept across a 15-mile area, including the suburbs of Whitchurch, and came close to causing widespread property damage. Both government organisations and insurers have admitted that with global warming increasing, they have seen an increase in the number of serious weather related incidences. The Governments environment agency has stated that, "climate predictions also indicate that Britain will be windier. One study suggests 30 percent more gales in Wales and southern England in winter, increasing the risk of another storm like that in 1987, which left £2 billion of » Discuss it » Continue Reading »
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