Payouts for people whose homes were damaged in the floods are likely to exceed £446m in total, the Association of British Insurers (ABI) has said.
Around 9,000 home owners will receive £276m in total. A further £149m will be paid to 3,100 businesses that have made claims.
Then 5,400 vehicle claimants will be given £22m.
Premiums will “not necessarily” go up, though, according to Malcolm Tarling, chief media relations officer at the ABI.
Tarling told ITV that it is “far too early to say” if premiums will go up, and, if so, by how much.