Industry News from Yes Insurance

The car and van insurance industries are yet to be affected by the severe flooding which devastated parts of the UK over the summer, according to a new report.

Areas of the north and south of England were left in turmoil, with some people losing their homes after heavy rain hit the areas.

But Experian's latest Motor Insurance Benchmark report has found that the average motor insurance policy stood at £567.30 per year - a 0.8 per cent increase - three months on.

David Murby, the firm's managing director, commented that the sector often takes longer to respond in such a scenario.

He said: "The true impact of the floods is likely to manifest itself in insurance premiums over the next few months in the direct market."

Meanwhile, research from the Environment Agency has reported that there are five million people in the UK who live in flood risk areas.

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