From This is Money:
The Association of British Insurers said the Environment Agency had identified 517,000 homes as being at ‘significant risk’.
The ABI said that following last summer’s flooding, half of the 180,000 insurance claims related to damage caused by water coming up through drains.
Insurers have agreed to continue offering cover to homes at risk from flooding at a price that reflects the risk – providing the Government puts adequate flood defences in place.
But this is under review, and in any case if the risk increases significantly, premiums could become unaffordable.
Nick Starling, spokesman for the ABI which is holding a floods conference today, said: ‘Insurers will have paid out £3bn following the floods last summer. Planning for the future is essential.’
A Government spokesman said: ‘We will be giving the Environment Agency the strategic overview for all forms of inland flooding.’…