Association of British Insurers (ABI) Flood Talks

Association of British Insurers (ABI) Flood Talks

The Association of British Insurers ABI have been in flood talks with the Government and are set to review the statement of principles to ensure flood defences are up to scratch.  

According to the Association of British Insurers ABI, they believe the statement of principles needs updating in light of last summer’s devastating floods and the effects of climate change.  The statement of principles is an agreement where insurers offer home insurance to people living in areas at risk of flooding as long as the Government maintains flood defences.  

The review aims to promote increased resilience, prevent inappropriate development in high flood risk areas and address the availability and update of insurance.  The review should be finalised in the summer.  In the meantime, ABI members will adhere to the existing statement of principles.

Our view

This is a problem that the Government cannot ignore and certainly cannot expect insurers to keep footing the bill for.  We welcome the review but we urge the Government to be more proactive for flood defences and early systems.  

We suggest the people who have chosen to live by water should be involved and indeed pay more towards defences.  Our idea is simple, a compulsory charge levied by councils on flood risk area property to pay for improved protection.  

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