Insurance News Archive
Management of climate change 'imperative'
Lloyds of London has warned insurers to make climate change a greater priority.
The underwriter has said that "urgent and active management of climate change starting with investment in research is now imperative".
Similarly to a release from National Homebuyers last week, Lloyds has advised that insurers "plan for a higher frequency of extreme events, over a longer storm season and over a wider geographical area".
National Homebuyers warned those investing in property that they should look carefully into the likely environmental future of the area in which they are investing, criticising the government for continuing to develop housing on flood plains.
"Buying a home is often a long-term investment, and people are starting to consider what is likely to happen to their property in the future," said David Harber, communications director for National Homebuyers.
"Large numbers of homes could be at risk if serious storms and floods become more regular," he continued. "The flooding in York in 2000, for example, caused £1.3 million in damages."
National Homebuyers estimates that five million people in England and Wales live in flood risk areas, but according to the Environment Agency 41 per cent are unaware of the threat.
26 Jun 2006