The Association of British Insurers(ABI)has warned that the clock is ticking on the need to secure a long-term sustainable flood insurance market in the UK. Without a new approach, the ABI estimates that up to 200,000 property owners will struggle to get affordable flood insurance when the current flood insurance agreement with the Government ends in June 2013.
Speaking at the National Flood Forum Conference on Wednesday, James Dalton, the ABI’s head of Property Insurance, said
“Insurers, the Government and groups like the National Flood Forum all want to see a sustainable, affordable long term market for flood insurance in the UK.
But we are running out of time to ensure that people in high flood risk areas can continue to get affordable flood insurance when the Statement of Principles expires in June 2013. It is widely recognised that the current industry agreement with the Government is unsustainable, has thwarted choice for consumers, and is well past its "best by" date.
No action is no option. Insurers are determined to do everything possible to ensure that flood insurance remains as widely available to our flood vulnerable communities. But this cannot be achieved without Government help, as happens in other countries.”
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