View more on these topics

ABI anger at flood defences

The Association of British Insurers is up in arms at the Government’s decision to increase investment in flood defences to only GBP800m a year by 2010.

Before the devastating summer floods, the industry was pushing the Government to invest GBP2.25bn in flood defences over the next three years and has since been calling for this rise to be brought forward.

But Chancellor Darling, in his pre-Budget review and comprehensive spending review statements, said that GBP650m would be spent on flood defences in 2008/09 rising to GBP700m in 2009/10 and GBP800m in 2010/11, totalling only GBP2.15bn.

As a result, the ABI is planning a review of the industry’s statement of principles which ensures that people in high-risk areas can qualify for insurance if the Government maintains the nation’s flood defences, suggesting the agreement is hanging by tenterhooks.

ABI director general Stephen Haddrill says: “The insurance industry is helping tens of thousands of people affected by flooding this summer but the Government has now failed to play its part. Millions of homeowners and businesses around the country have been let down by the Government’s failure to commit sufficient money to new and improved flood defences.

“Government spending for the next three years is less than we were asking for, even before the floods. It does not begin to address the major issues, including drainage, which were highlighted this summer. The Government will have to increase spending substantially.”

But Prime Minister Gordon Brown says the Government is doing everything it can to improve flood defences and he hopes insurers “will not take the step to deny people insurance”.

Recommended

Ascentric reaches £175m assets

Ascentric has seen its assets under advice swell by £75m in the past three months to £175m.The Ascentric wrap was launched to the IFA market in January and chief executive Hugo Thorman says it has received strong support from advisers focusing on the high-net-worth channel.It is looking to set up an IFA forum on its […]

Catalyst reprises Stargate link to go green

Catalyst Investment Group has linked up with Stargate Capital Management for the second time to offer an enterprise investment scheme fund that invests in environmentally friendly companies with products and services that are compatible with sustainable development.

Aegon has no plans to follow L&G lead on disclosure

Aegon Scottish Equitable says it is unlikely to follow Legal & General and abolish consumers’ requirement to disclose changes to their circumstances between the application process and the policy going live.Aegon says it has an older client base than L&G and a significant amount of the claims it declines are rejected due to non-disclosure before […]

Identifying best-in-class UK stocks — Mark Martin, Neptune UK Opportunities Fund

FE Alpha Manager Mark Martin assumed management of the multi-cap UK Opportunities Fund at the beginning of February. As manager of the highly regarded UK Mid Cap Fund, Martin has begun restructuring the new portfolio to focus on our very best UK stock ideas from across the FTSE All-Share Index. In this video, update Martin addresses:

– Themes informing the UK Opportunities Fund
– The multi-cap structure of the fund
– UK equity valuations

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment