Climate Change Bill Must Be Tightened Says ABI

by Stewart Douglas

Story link: Climate Change Bill Must Be Tightened Says ABI

Any move towards curbing environmental decline and climate change by the legislature must tackle the effects and consequences of changing weather patterns, according to a statement today by the director general of the ABI.

Association of British Insurers chief Stephen Haddrill today said that the government would have to live up to the challenges facing the country, business and the insurance industry now in its Climate Change Bill, to provide stringent protections and legal direction in the event of repeat scenes of this summer’s flooding.

In his keynotes speech today at the Environment Agency conference, he highlighted the need for immediate strengthening of the provisions of the bill in order to bring about the necessary legal change to cope with imminent changes in our weather system, and the knock on effects of that on our economy.

His words come just months after the devastating floods across England saw in excess of £3 billion worth of damage, accounted for directly by the insurance industry. The ABI fears that worsening weather patterns without effective support could cripple the insurance industry in the coming years, and send premiums skyrocketing as a result.

He also warned that failure to invest more readily in flood defence mechanisms across the country would render some areas too risky for insurance companies to touch, which it is thought could potentially drive people from those houses most prone to water damage nationwide.

It was suggested by Mr Haddrill today that the impact of the continued climate change would inevitably damage the UK national infrastructure to a material extent, and could have disastrous effects on the economy. As a result the ABI are working closely with the legislature in consultation on the situation at hand, and the outcome of the Climate Change Bill.