Insurance News Archive

ABI highlights flood risks

The environment, food and rural affairs select committee has recently published a report on the risk of flooding over the next few weeks.

The committee acknowledges that funding for flood defences to protect property must be increased by £1 billion in the long-term in order to take advantage of climate change.

According to the insurance provider More Than, incidents of flooding are increasing each year and they are affecting many homes and businesses.

"We would like to see the environment agency being a statutory consultee in the planning process," comments Malcolm Tarling, spokesperson for the Association of British Insurers (ABI).

He went on to remark that the Environment Agency's expertise could be used to ensure that buildings are not built in unsuitable areas such as on flood plains.

"Very few properties are entirely uninsurable. We want to reduce the number that can't be insured," Mr Tarling concluded.

23 May 2006