The ABI expects the total cost of the flooding to reach £446m, with an estimated £276m paid to flooded homeowners; £149m to business owners, and £22m to vehicle owners.

Between 23 December and 28 February insurers received 17,500 separate claims – 9000 from homeowners, 5,400 for flooded vehicles, and 3,100 from businesses.

Taking into account projected cost of storm damage claims, insurers are expected to pay an estimated £1.1bn to customers affected by the bad weather.

Otto Thoresen, ABI’s director general, said: “The flood waters may have mostly receded, but for many the distress of being flooded remains raw. Insurers and loss adjusters are playing a crucial role in the recovery process. A badly flooded property can take months to become habitable again, so insurers continue working around the clock to ensure that the drying out process is completed as quickly and as safely as possible.”

Some £27m in emergency payments have been paid out and temporary accommodation has been arranged for over 2,100 households. While significant, the current flood damage costs remain well below the £3bn price tag of the 2007 floods.