Thames homes face flood threat, warn insurers

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Thames homes face flood threat, warn insurers

LONDON, UK - Insurers have warned of the massive flood threat to more than 120,000 homes planned for the Thames Gateway, The Evening Standard has reported.

The Association of British Insurers suggested in a memo that they would not provide cover unless more is done to protect the area.

Deputy Prime Minister John Prescott wants to develop the 40-mile corridor to ease the capital's housing shortage.

However, the ABI is calling on the government to clarify exactly what is being done to bolster Thames Estuary flood defences.

It warns that the risk from global warming is so great that a repeat of the 1953 floods, which claimed 300 lives, is a real possibility.

"While much of the Thames Gateway regeneration will be new development, the nature and size of the risk and the speed of development put it outside of normal consideration for insurance cover," says the memo.

"Unless insurers' concerns about the flood risk and resilience of these new developments are addressed, insurers could find it challenging to continue to provide affordable cover for these new homes," it adds.

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