The Government and the Association of British Insurers are set to review the statement of principles to ensure flood defences are up to scratch.
The ABI says the statement of principles needs updat-ing in light of last summer’s devastating floods and the effects of climate change.
The statement of principles is an agreement where ins-urers offer home insuranceto people living in areas atrisk of flooding as long asthe Government maintains flood defences.
The review aims to assess the information and mapping currently available and ensure better understanding of flood risk as well as agreeing the approach to a long-term strategy that will provide effective flood risk management.
It will work to promote increased resilience, prevent inappropriate development in high flood risk areas and address the availability and uptake of insurance.
ABI director general Step-hen Haddrill says: “The insurance industry played a major role in helping our country recover from the terrible floods of last summer and will pay out 3bn compensation. Insurers want to continue to provide flood cover as standard to as many customers as possible.
“The statement can only continue if the Government commits to addressing the lessons of last summer fully. That will require major new total investment from the Government and others.”
The review should be finalised in the summer. In the meantime, ABI members will adhere to the existing statement of principles.