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Spending review may end widespread flood insurance

Article by Simon Christopher
Posted: 10/10/2010 - Last updated: -
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The Local Government Association has warned that homeowners' flood insurance could be compromised by government spending cuts.

At the moment, an agreement between the government and the Association of British Insurers means insurers must offer affordable flood insurance to all but the most at-risk properties. However, part of the agreement was that the government would continue to carry out "a long-term investment strategy, which will set out strategic flood prevention aims and assess future policy options and funding needs."

The LGA says there is a "real danger" that public spending cutbacks could mean not enough resources go into flood protection. That raises the possibility that insurers won't be as willing to extend the agreement when it comes up for renewal in three years.

The ABI has already raised that issue earlier this year. It's general insurance director Nick Starling said in July that "cutting back on investment in flood defences would be a false economy in these tough times." He warned that for insurers to continue offering cover "we need the Government to keep to its pledge, under our agreement, to deliver a long-term flood management strategy backed by the right level of investment. This must include robust planning decisions, so that new homes are not built in areas at high risk of flooding."

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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