The proposed new scheme for flood insurance in the UK may not be sustainable because the impacts of climate change have not been taken into account, according to a new policy paper published today.
The Government has announced it has established principles for a new flood insurance solution based on the “Flood Re” proposal set out by the insurance industry.
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.
£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.
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.”
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.
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.
A new service launched by insurance data provider PERILS will show real-time satellite images during and after major flood events.
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 George Osborne has unveiled a government plan to underwrite up to £50 billion of investment into UK infrastructure and exports.