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Daily Insurance Industry News
Saturday 23rd of June 2018
May 24, 2012

Some progress on flood insurance

by Richard Kilner

Story link: Some progress on flood insurance

Caroline Spelman, the Defra secretary of state, has told the Association of British Insurers (ABI) that the beginning of a solution to flood insurance has been found.

In order for flood insurance to remain available and affordable a comprehensive replacement for the Statement of Principles on flood insurance needs to be created, and whilst this has yet to occur Spelman did indicate that some progress had been made.

Due to financial constraints the Government last year stated that there would not be enough funding to proceed with every planned flood defence scheme, exposing thousands of homes and businesses to the risk of flooding.

Earlier this year ABI Director General Otto Thoresen said that the ABI was not seeking an insurance subsidy but a long term solution to replace the flood agreement which is due to expire in June 2013.

 

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