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Daily Insurance Industry News
Thursday 18th of January 2018
August 8, 2011

ABI: UK awash with leaks

by Richard Kilner

Story link: ABI: UK awash with leaks

There are enough household water leaks to fill 3,880 Olympic size swimming pools in a single year, according to the Association of British Insurers (ABI).

Failed efforts at DIY and more plumbing-related appliances have increased the number of water leaks, with 9.7bn litres a year lost through leaks.

Almost 20% of buildings and contents insurance claims relate to water damage, costing £2m every day.

Water damage can be highly expensive, regularly costing tens of thousands of pounds and, in one case when a leaking washing machine ruined a flat below, £150,000.

Director of General Insurance and Health Nick Starling warned that the smallest of leaks could become a torrent and urged people not to neglect or underestimate the warning signs.

Starling added that it was vital for water-related fittings to be properly installed and well-maintained to reduce the risk of leakage.

Last week Allianz released figures indicating that the cost of claims for water damage had spiked by 44% in a single year.

 

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