The Association of British Insurers praised a recently announced UK government initiative to provide a £500,000 ($988,000) funding package to help make flood vulnerable homes more resilient against flooding.
Jane Milne, the ABI’s Head of Property Insurance, noted: “Flooding has always been a significant risk in the UK, but climate change will make it much worse in the next forty years. Insurers support this initiative to reduce the misery and cost of flooding where conventional approaches are not feasible.”
The ABI, however, wants to see more comprehensive action taken to decrease the risks of losses from more frequent and more severe floods. “Important as flood resilience measures are, over the long term we need a sustained investment program in flood defenses,” Milne continued. “Spending on flood defenses needs to rise to £750 million [$1.48 billion] a year by 2011.This greater investment will enable flood insurance to remain widely available”.
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