Flood victims to be reassured by new deal
Posted on July 18th 2008
Homeowners in Gloucestershire and the Midlands will continue to be provided with insurance for flooding as a result of the new deal struck between the government and the Association of British Insurers (ABI).
It was around this time last year that homes in the regions were ravaged by severe flooding, forcing many families to evacuate and leaving those without home insurance in dire straits.
However, the package of measures agreed between the two parties will provide a robust long-term floods strategy and ensure that cover remains available for areas under the most serious threat.
Nick Starling, director of general insurance and health at ABI, said: "Last summer's floods highlighted the urgent need for an overhaul in managing the flood risk.
"Insurers dealt with over 180,000 claims and paid out £3 billion. The government is now committed to a long-term flood strategy that will lead to a better understanding of the flood risk, with investment to manage it effectively.
"This will ensure that flood insurance, relied upon by thousands of homeowners and businesses in the region, remains widely available."
The agreement comes in the wake of an ABI-commissioned survey which found that eight out of ten people think that the flood risk is getting worse.