Flood insurance claims may rise to £4bn by 2035, says report
www.moneynews.co.uk > Insurance > Flood insurance claims may rise to £4bn by 2035, says report
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Money News |
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Flood insurance claims may rise to £4bn by 2035, says report
Fri 30th Oct 2009
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One in six homes are at risk of flooding and the financial services provider believes the Environment Agency and local authorities need to work with insurers to ensure better protection from [water] damage.
An average claim for flood damage to a property is £20,000 according to research published by Halifax earlier this year.
James Hillon, head of home insurance at the Co-operative Insurance, said it is their responsibility to speak up on behalf of their clients when things are progressing slowly as flooding is a real risk to many properties.
"Whilst the government has pledged to increase funding in flood defenses moving forward, it is up to the insurance industry to lead the way," he commented.
Funding worth £20 million from the Environment Agency has been brought forward one year to 2010 to protect 27,000 homes. The government has also pledged to increase spending by 2011 from £200 million to £800 million.
Click here for more insurance news
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Related News : Cooperative |
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