High and dry? Flooding and uninsured risks
The Statement of Principles on the Provision of Flood Insurance was last renewed by the government and the Association of British Insurers (ABI) in July 2008. Since then, it has underpinned the availability of flood insurance to households and small businesses in the UK. The statement lasts until 1 July 2013. It was envisaged that by that date, the insurance industry would have developed a scheme to make flood insurance widely available without the need for government intervention.
With 1 July looming, no workable solution has yet be found. Discussions continue between the Government and the ABI, but there is no intention to renew the Statement. There is growing concern — aggravated by the regularity of major flooding in various parts of the UK — that following the expiry of the Statement, flood insurance will be withdrawn or made available only on materially increased premiums in those parts of the country at significant risk…
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