Faster recovery and more resilience promised in Wales
The Association of British Insurers (ABI) has signed a flooding deal with the Welsh Assembly Government to manage flood risks and help people recover more quickly after flooding, the BBC reports.
A report by Environment Agency Wales suggested 600,000 people in Wales live or work in flood risk areas.
Environment Minister Jane Davidson said the assembly government wanted to move from flood defence to flood risk management.
"With forecasts showing the increased rainfall due to climate change the risk of flooding is set to increase. Irrespective of the height of our defences or the capacity of our drainage systems, we will have to adapt to more extreme weather."
Hard defences too.
She said the agreement was "one measure to sit alongside the hard defences of our rivers and coast, raising awareness of the risks of flooding amongst our vulnerable communities and increasing their resilience to flood events."
"Insurance companies will continue to provide effective and efficient claims services following flooding whilst the Welsh Assembly Government will put in place various measures to mitigate against flood risk.
"This confirms our shared commitment to work together to provide a long-term solution that will enable flood insurance to remain as affordable and widely available as possible."
Justin Jacobs, ABI's assistant director of property insurance said: "The Welsh Assembly Government rightly recognises that a long-term flood strategy, backed by adequate resources and funding, is the best way to manage the growing flood threat.
"We look forward to continuing to work with the Welsh Assembly Government to ensure that these measures are implemented so that flood protection relied upon by homeowners and businesses remains widely available."
The agreement will be reviewed annually.