The second wettest British summer on record has cost insurers £1.19 billion - the highest annual figure in five years.

Around 486,000 claims were made for damage from the storms and floods by homeowners, businesses and motorists, equating to 1,330 each day, according to the Association of British Insurers (ABI).

The average claim payout for flood-damaged homes and businesses was £18,200.

Home damage claims accounted for 411,000 claims and £690m, while 47,000 business property claims totaled £373m.

Another £40m was handed out to help businesses continue trading while their premises were being repaired.

And 27,000 claims were filed for for flood and storm-damaged vehicles, resulting in a total payout of £84m.

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  • Winter Weather December 28th

    The River Thames in Henley-on-Thames, South Oxfordshire which has burst it banks and flooded neighboring fields.

  • Winter weather December 27th

    Wet weather in Spring Cottage, Leicestershire, as a wet and stormy weekend could mark the end of one of the wettest years in history in Britain, with no respite expected for the saturated south west.

  • Winter weather December 27th

    Wet weather in Spring Cottage, Leicestershire, as a wet and stormy weekend could mark the end of one of the wettest years in history in Britain, with no respite expected for the saturated south west.

  • Winter weather December 27th

    Wet weather in Spring Cottage, Leicestershire, as a wet and stormy weekend could mark the end of one of the wettest years in history in Britain, with no respite expected for the saturated south west.

  • Winter weather Dec 25th

    Swans paddle in a flooded Stapenhill Gardens in Burton On Trent, Staffordshire, as hopes of a white Christmas were washed out as many Britons awoke to Yuletide flooding.

  • Winter weather Dec 26th

    A view of the flooded Wharf Lane Recreation Ground, home of Radcliffe Olympic Football Club, Radcliffe on Trent, Nottinghamshire after heavy rainfall.

  • Winter weather Dec 25th

    Flood waters cover the parklands at Washlands Park in Burton On Trent, England, Tuesday Dec. 25, 2012, during a lull in the rainy weather on Christmas Day. Hopes of a white Christmas were washed out as many Britons awoke to Yuletide flooding across many regions of the country. (AP Photo / Rui Vieira, PA) UNITED KINGDOM OUT - NO SALES - NO ARCHIVES

  • Winter weather Dec 25th

    Water covers a road in Walton On Trent, South Derbyshire, as hopes of a white Christmas were washed out as many Britons awoke to Yuletide flooding.

  • Winter weather Dec 24th

    A flooded 5-a-side football centre in Nottingham after the River Trent burst its banks following heavy rainfall.

  • Winter weather Dec 24th

    The Regatta at Holme Pierrepont National Watersports Centre in Nottingham is flooded after heavy rainfall.

  • Winter weather Dec 24th

    A golf course and driving range in Nottingham is flooded after the River Trent burst its banks following heavy rainfall.

  • Winter weather Dec 24th

    A golf course and driving range in Nottingham is flooded after the River Trent burst its banks following heavy rainfall.

  • Winter weather Dec 26th

    A view of the flooded Wharf Lane Recreation Ground, home of Radcliffe Olympic Football Club, Radcliffe on Trent, Nottinghamshire after heavy rainfall.

  • Winter weather Dec 25th

    A flooded first tee at Branston Golf Course, Staffordshire, as hopes of a white Christmas were washed out today as many Britons awoke to Yuletide flooding.

  • Winter weather Dec 25th

    A couple look at a flooded Stapenhill Gardens in Burton On Trent, Staffordshire, as hopes of a white Christmas were washed out as many Britons awoke to Yuletide flooding.

  • Winter weather Dec 25th

    A man takes a photo of a flooded Washlands Park in Burton On Trent, Staffordshire, as hopes of a white Christmas were washed out as many Britons awoke to Yuletide flooding.

  • Winter weather Dec 25th

    A general view of flooding at Washlands Park in Burton On Trent, Staffordshire, as hopes of a white Christmas were washed out as many Britons awoke to Yuletide flooding.

  • Winter weather Dec 25th

    Flood and road closed signs at Walton On Trent, South Derbyshire, as hopes of a white Christmas were washed out today as many Britons awoke to Yuletide flooding.

  • Winter weather Dec 25th

    A flooded rugby field near Burton On Trent, Staffordshire, as hopes of a white Christmas were washed out today as many Britons awoke to Yuletide flooding.

  • Winter weather Dec 26th

    Clouds over the North Sea at Seaham near Sunderland.

  • Winter Weather December 28th

    A flooded road in Clifton Hampden in Oxfordshire.

  • Winter Weather December 28th

    A man walks down a flooded road in Clifton Hampden in Oxfordshire.

  • Winter Weather December 28th

    The River Thames in Henley-on-Thames, South Oxfordshire which has burst it banks and flooded neighboring fields.

  • Winter Weather December 28th

    The River Thames in Henley-on-Thames, South Oxfordshire which has burst it banks and flooded neighboring fields.

  • Winter Weather December 28th

    A man walks down a flooded road in Clifton Hampden in Oxfordshire.

  • Winter Weather December 28th

    The River Thames in Henley-on-Thames, South Oxfordshire which has burst it banks and flooded neighboring fields.

  • Winter Weather December 28th

    The River Thames in Henley-on-Thames, South Oxfordshire which has burst it banks and flooded neighboring fields.

  • Winter Weather December 28th

    The River Thames at Temple Island in Henley-on-Thames, South Oxfordshire which has burst it banks and flooded neighboring fields.

  • Winter Weather December 28th

    The River Thames in Henley-on-Thames, South Oxfordshire which has burst it banks and flooded neighboring fields.

  • Horse Racing - William Hill Winter Festival - Day One - Kempton Park Racecourse

    Racegoers wait for the action to start in front of William Hill signage at Kempton Park Racecourse

  • Winter weather December 27th

    Views of the a closed section of the Thames Barrier from Silvertown, Docklands, after heavy rain across the country.

Despite the enormous numbers, the £1.19bn payout is still dwarfed by the £3bn paid out by insurers in 2007, the worst year in memory for British flooding.

Attention now turns to the yet-to-be-agreed extension to a deal between government and insurers to ensure cover for high-risk homes. The existing arrangement is set to expire at the end of June.

Last November, the government said it had put forward a proposal to the industry last week, which was being considered. Insurers want to top-slice all insurance premiums to create a new funding pot to cover flooding claims.

But while that is being built up, they want the government to step in to provide a temporary overdraft to cover any shortfall during intense periods of flooding.

The ABI has put forward proposals for how affordable premiums in high-risk areas can continue and said that talks with the government about this are ongoing.

Nick Starling, ABI's director of general insurance, said: "Last year highlighted the vital role insurance plays in helping communities recover from our increasingly volatile weather.

"Flooding is the greatest natural threat facing the UK and the risk is rising so political consensus and commitment on investment in flood defences, sensible planning decisions and working with the insurance industry is essential."

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  • Residents Deal With Flooding Aftermath

    OLD MALTON, ENGLAND - NOVEMBER 28: Residents of Old Malton moves their bikes through waters as they begin to deal with the aftermath of the recent floods on November 28, 2012 in Old Malton, England. Fire crews continue to pump large amount of surface flood water away from overflowing drains that have been threatening many properties in the area. (Photo by Jeff J Mitchell/Getty Images)

  • Residents Deal With Flooding Aftermath

    OLD MALTON, ENGLAND - NOVEMBER 28: Workers wade through waters as residents of Old Malton begin to deal with the aftermath of the recent floods on November 28, 2012 in Old Malton, England. Fire crews continue to pump large amount of surface flood water away from overflowing drains that have been threatening many properties in the area. (Photo by Jeff J Mitchell/Getty Images)

  • Residents Deal With Flooding Aftermath

    OLD MALTON, ENGLAND - NOVEMBER 28: People walk through waters surrounding buildings as residents of Old Malton begin to deal with the aftermath of the recent floods on November 28, 2012 in Old Malton, England. Fire crews continue to pump large amount of surface flood water away from overflowing drains that have been threatening many properties in the area. (Photo by Jeff J Mitchell/Getty Images)

  • Residents Deal With Flooding Aftermath

    OLD MALTON, ENGLAND - NOVEMBER 28: Workers walk through water as residents of Old Malton begin to deal with the aftermath of the recent floods on November 28, 2012 in Old Malton, England. Fire crews continue to pump large amount of surface flood water away from overflowing drains that have been threatening many properties in the area. (Photo by Jeff J Mitchell/Getty Images)

  • Residents Deal With Flooding Aftermath

    OLD-MALTON, ENGLAND - NOVEMBER 28: A man walk around the corner in flood waters as residents of Old Malton begin to deal with the aftermath of the recent floods on November 28, 2012 in Old Malton, England. Fire crews continue to pump large amount of surface flood water away from overflowing drains that have been threatening many properties in the area. (Photo by Jeff J Mitchell/Getty Images)

  • Residents Deal With Flooding Aftermath

    OLD MALTON, ENGLAND - NOVEMBER 28: A man walks in the water as residents of Old Malton begin to deal with the aftermath of the recent floods on November 28, 2012 in Old Malton, England. Fire crews continue to pump large amount of surface flood water away from overflowing drains that have been threatening many properties in the area. (Photo by Jeff J Mitchell/Getty Images)

  • Residents Deal With Flooding Aftermath

    OLD MALTON, ENGLAND - NOVEMBER 28: Rescue works assist the area as residents of Old Malton begin to deal with the aftermath of the recent floods on November 28, 2012 in Old Malton, England. Fire crews continue to pump large amount of surface flood water away from overflowing drains that have been threatening many properties in the area. (Photo by Jeff J Mitchell/Getty Images)

  • Residents Deal With Flooding Aftermath

    OLD MALTON, ENGLAND - NOVEMBER 28: A woman holds her dog while moving through the water as residents of Old Malton begin to deal with the aftermath of the recent floods on November 28, 2012 in Old Malton, England. Fire crews continue to pump large amount of surface flood water away from overflowing drains that have been threatening many properties in the area. (Photo by Jeff J Mitchell/Getty Images)

  • Residents Deal With Flooding Aftermath

    OLD MALTON, ENGLAND - NOVEMBER 28: Machinery drains water as residents of Old Malton begin to deal with the aftermath of the recent floods on November 28, 2012 in Old Malton, England. Fire crews continue to pump large amount of surface flood water away from overflowing drains that have been threatening many properties in the area. (Photo by Jeff J Mitchell/Getty Images)

  • Residents Deal With Flooding Aftermath

    OLD MALTON, ENGLAND - NOVEMBER 28: A man walks in the water as residents of Old Malton begin to deal with the aftermath of the recent floods on November 28, 2012 in Old Malton, England. Fire crews continue to pump large amount of surface flood water away from overflowing drains that have been threatening many properties in the area. (Photo by Jeff J Mitchell/Getty Images)

  • Residents Deal With Flooding Aftermath

    OLD MALTON, ENGLAND - NOVEMBER 28: A man pedals a bike through water as residents of Old Malton begin to deal with the aftermath of the recent floods on November 28, 2012 in Old Malton, England. Fire crews continue to pump large amount of surface flood water away from overflowing drains that have been threatening many properties in the area. (Photo by Jeff J Mitchell/Getty Images)

  • Autumn Weather November 27th

    Washing hangs from a line in a back garden in St. Asaph, Denbighshire, North Wales after the town flooded overnight.

  • Weather November 27th

    North Easterly winds bring gales and huge waves to the North East coastline as the harbour at Seaham takes the brunt of the storm.

  • Autumn Weather November 27th

    Water flows over the High Force water fall in Middleton-in Teesdale as rivers across the country burst their banks.

  • Autumn weather November 27th

    Fire fighters make their way along a flooded main street in Old Malton, North Yorkshire.

  • Autumn weather November 27th

    Fire fighters carrying cups of tea make their way along the flooded main street in Old Malton, North Yorkshire.

  • Autumn weather November 27th

    Fire fighters make their way along the flooded main street in Old Malton, North Yorkshire.

  • Autumn weather November 27th

    A fire fighter makes his way along the flooded main street in Old Malton, North Yorkshire.

  • Autumn weather November 27th

    North Easterly winds bring gales and huge waves to the North East coastline as the harbour at Seaham takes the brunt of the storm.

  • Autumn weather November 27th

    North Easterly winds bring gales and huge waves to the North East coastline as the harbour at Seaham takes the brunt of the storm.

  • Autumn weather November 27th

    Prime Minister David Cameron talks with resident James Rice, in Buckfastleigh, near Exeter, as he explains how the floods quickly rose inside his house during the recent floods.

  • Autumn weather November 27th

    Prime Minister David Cameron listens as resident Musky Kendall, in Buckfastleigh, near Exeter, explains how the floods quickly rose inside her house during the recent floods.

  • Autumn weather November 27th

    Prime Minister David Cameron, walks through Buckfastleigh, near Exeter, which was hit by a flash flood last week following heavy rain.

  • Autumn weather November 27th

    Prime Minister David Cameron listens as resident Musky Kendall, in Buckfastleigh, near Exeter, explains how the floods quickly rose inside her house during the recent floods.

  • Autumn weather November 27th

    Prime Minister David Cameron listens as resident Musky Kendall, in Buckfastleigh, near Exeter, explains how the floods quickly rose inside her house during the recent floods.

  • Autumn weather November 27th

    Crew Commander from Tewkesbury fire station Dave Webb carries 19-month-old Beth with her mother Tina Bailey carrying her three and a half year old sister Hannah, after they were rescued from their house in Gloucester.

  • Autumn Weather November 27th

    A man looks out of a window as a crew from the RNLI and paramedics pass a submerged car in St. Asaph, Denbighshire, North Wales after the town flooded overnight.

  • Autumn Weather November 27th

    A man climbs into a lifeboat in St. Asaph, Denbighshire, North Wales after the town flooded overnight.

  • Flood Warnings In Northern United Kingdom As Heavy Rain Storms Hit

    ST ASAPH, UNITED KINGDOM - NOVEMBER 27: An RNLI life boat crew work in the flooded streets of St Asaph in North Wales after torrential overnight rain on November 27, 2012 in St Asaph, United Kingdom. Residents in up to 500 homes in St Asaph have been advised to evacuate as flood waters continue to rise and the River Elwy breaks its banks. (Photo by Christopher Furlong/Getty Images)

  • Autumn weather November 27th

    Tewkesbury Abbey in Gloucestershire is surrounded by floodwater as the River Severn swells after days of heavy rain.

  • Autumn weather November 27th

    Workmen construct a raised walk way for residents in flats in the Skeldergate area of York city centre.

  • Autumn weather November 27th

    Sandbags and pumps work to keep the River Ouse from flooding York city centre.

  • Autumn weather November 27th

    Floodwater in Tewkesbury, Gloucestershire.

  • Autumn weather November 27th

    A property surrounded by floodwater next to the River Severn in Tewkesbury, Gloucestershire.

  • Autumn weather November 27th

    Dion Bekatoros works to keep out the rising water of the River Ouse outside his taxi office in York city centre.

  • Autumn weather November 27th

    Sandbags and pumps work to keep the River Ouse from flooding York city centre.

  • Autumn weather November 27th

    Floodwater in Tewkesbury, Gloucestershire.

  • Autumn weather November 27th

    A crew from the North Wales Fire and Rescue service help a resident to safety in St. Asaph, Denbighshire, North Wales after the town flooded overnight.

  • Autumn weather November 27th

    Residents walk along a flooded street in St. Asaph, Denbighshire, North Wales after the town flooded overnight.

  • Autumn weather November 27th

    Residents of St. Asaph, Denbighshire, North Wales make their way through flood waters after the town flooded overnight.

  • Autumn weather November 27th

    Crew Commander from Tewkesbury fire station Dave Webb carries 19-month-old Beth with her mother Tina Bailey carrying her three and a half year old sister Hannah, after they were rescued from their house in Gloucester.

  • Autumn weather November 27th

    A woman carries her dog as she makes her way through flood waters in St. Asaph, Denbighshire, North Wales after the town flooded overnight.

  • Autumn weather November 27th

    A crew from the North Wales Fire and Rescue service help a resident to safety in St. Asaph, Denbighshire, North Wales after the town flooded overnight.

  • Autumn weather November 27th

    A crew from the North Wales Fire and Rescue service help a resident to safety in St. Asaph, Denbighshire, North Wales after the town flooded overnight.

  • Autumn weather November 27th

    Residents of St. Asaph, Denbighshire, North Wales after the town flooded overnight.

  • Autumn weather November 27th

    People rescue chickens from flooding in Gloucester.

  • Autumn weather November 27th

    Tina Bailey with her daughters 19-month-old Beth and three and a half year old Hannah, as they were rescued from their house in Gloucester.

  • Autumn weather November 27th

    Crew Commander from Tewkesbury fire station Dave Webb (right) carries 19-month-old Beth with her mother Tina Bailey carrying her three and a half year old sister Hannah, after they were rescued from their house in Gloucester.

  • Autumn weather November 27th

    Resident walk through flood waters in St. Asaph, Denbighshire, North Wales after the town flooded overnight.

  • Autumn weather November 27th

    A crew from the RNLI make their way through flood waters in St. Asaph, Denbighshire, North Wales after the town flooded overnight.

  • Autumn weather November 27th

    Crew Commander from Tewkesbury fire station Dave Webb carries 19-month-old Beth with her mother Tina Bailey carrying her three and a half year old sister Hannah, after they were rescued from their house in Gloucester.