Riot damage to cost "tens of millions of pounds"
Tuesday, 9 August 2011 11:01 AM
The Association of British Insurers (ABI) has said that riots in London, Birmingham and other UK cities are likely to cost insurers "tens of millions of pounds".
The statement, made this morning by an ABI spokeswoman, follows comments made yesterday by Nick Starling, ABI director of general insurance and health. He said: "It is too early for us to have an accurate picture of total costs, especially business interruption costs, but insurers are working hard to deal with claims coming in which will give a sense of the level and cost of damage."
Over the past three days, riots, arson and looting have been reported in several areas of London – including Tottenham, Walthamstow, Brixton, Hackney, Peckham, Ealing, Croydon and Clapham Junction – as well as in Birmingham, Liverpool, Nottingham and Bristol.
Although large chains such as Currys and JD Sports have been badly hit, independent, family-run shops and businesses have also suffered what in some cases is irreparable damage. Many homes, both housing association-owned and private, have been burned to the ground.
The Metropolitan Police has described last night's events as "the worst in current memory".
Have you or your property been affected by the riots? Email us at editorial@aboutproperty.co.uk.
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