Insurers agree to extend flood cover model for extra month
Members of the Association of British Insurers (ABI), which covers 90 per cent of the market, have confirmed to the Government that they will continue to offer flood insurance under the current agreement while negotiations continue.
Insurers pay out £1.2bn for flood damage in 2012
£1.19 billion was paid out by insurers to people affected by flood and storm damage in 2012, according to figures released today by the Association of British Insurers (ABI), the highest amount since 2007.
Government denies flood insurance talks are “in disarray”
Water minister Richard Benyon has rejected the idea that talks with the Association of British Insurers (ABI) are at crisis point after a Labour MP claimed they were in “absolute disarray.”
Deloitte: flood agreement is crucial for insurers
As the Met Office’s provisional figures confirm that 2012 was the UK’s second wettest year on record, Deloitte, the business advisory firm, says the lack of a flood agreement with Government is household insurers’ biggest concern.
UK flood damage likely to cost insurers £1bn
British insurers are currently facing the worst bills for flood damage since 2007 and are likely to pass the associated costs onto their customers, according to PwC.
Real-time images of floods to be shown by insurance firm
A new service launched by insurance data provider PERILS will show real-time satellite images during and after major flood events.
Insurers pay out £17 million a day during wettest June on record
Insurers are set to pay up to £500 million - £17 million every day - to customers who have suffered flood and storm damage during the wettest June on record, according to latest estimates from the Association of British Insurers (ABI).
Chancellor to inject £50bn into infrastructure projects
Chancellor George Osborne has unveiled a government plan to underwrite up to £50 billion of investment into UK infrastructure and exports.
200,000 homes at flooding risk face soaring insurance premiums
Residents and local authorities in towns, cities and villages close to water could be left facing an £11 billion liability because of unfair and unaffordable insurance premiums, council leaders have warned.
New insurance solutions for renewable energies sector
Global insurance group Munich Re and GCube have agreed to cooperate in the renewable energies sector. GCube is a leading provider of insurance services to renewable energy initiatives.