Industry insiders want the Government to look at flooding

2nd December, 2011

With droughts and flooding, and the effect they will have on properties hot on the agenda, the Government is being asked to announce new proposals to address the matter of flood insurance after June 2013, when the Statement of Principles expires. Insurance policies are normally renewed on an annual basis making it an important consideration in time for renewals for policies bought in 2011.

The Statement of Principles was made between the ABI and the Government, and commits insurers to providing flood insurance under certain circumstances.

Many working in the home insurance industry are very aware that their customers need to be given the best possible chance to protect their homes against the increasing chance of flooding across Great Britain.

The ‘Know Your Flood Risk’ campaign co-hosted a debate with representatives from a wide range of organisations, including the Association of British Insurers, Royal Institute of Surveyors and the Council of Mortgage Lenders attending the talks.

The assistant director of the Association if British James Dalton said that everyone wants flood insurance to be widely available and competitively priced and called on the Government to come up with a solution prior to the expiry of present arrangements.

 

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