The ABI is set to increase pressure on the government to maintain the current levels of spending on flood defences, a report said.
The annual spending on flood defences, which is set to increase to £564m next year, must be maintained if homeowners in high risk areas are to get affordable insurance, according to the ABI.
Hundreds of billions of pounds of assets in the UK are protected by flood defences.
In the last five years, insurers have paid out £5bn on weather damage claims.
