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Government Flooding Deal Ensures Insurance Availability

Article by Simon Christopher
Posted: 20/7/2008 - Last updated: -
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It's a year since unprecidented floods hit parts of Gloucestershire and the Midlands bringing devastation to thousands of homes.

In an effort to ensure continued availablity of flood insurance to homes in these and other areas, the Government and the ABI (Association of British Insurers) have reached an agreement on future flood prevention strategies.

Included in a package of measures the Government has commitment to deliver a long-term flooding strategy and stricter controls on new developments in and around flood risk areas. The new agreement comes as ABI research surveying the victims of last year's flood victims revealed:

  • 80% believe the flood risk is getting worse.
  • 75% think not enough is being done to tackle the flood risk.
  • 90% say that new homes should not be built in flood risk areas unless there are adequate flood defences in place. 

The ABI’s Director of General Insurance and Health, Nick Starling, commented:

"Last summer’s floods highlighted the urgent need for an overhaul in managing the flood risk. Insurers dealt with over 180,000 claims, and paid out £3 billion. The Government is now committed to a long-term flood strategy that will lead to a better understanding of the flood risk, with investment to manage it effectively. This will ensure that flood insurance, relied upon by thousands of homeowners and businesses in the region, remains widely available."

PLEASE NOTE: News items are intended for information only and should not be relied upon when making insurance decisions. Due to their nature, some of the information in these news stories including any references to taxation, legislation, regulation, or other issues may no longer be current.

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