Climate change means homes will become uninsurable
The Association of British Insurers (ABI) has warned some areas of the UK will become uninsurable because climate change will make them prone to flooding, the Guardian reports.
"Flood risk is the main catastrophic risk in the UK and we know that climate change will bring increased flood risk to the UK," said Nick Starling, director of general insurance and health.
“What our members are concerned about is the increase in areas of flood risk so that some areas may become impossible to insure.
He pointed to some "frankly daft planning decisions" where new homes were being built on flood plains.
Starling will tell the Local Government Flood Forum today: "Damage done to schools and hospitals, not to mention homes and businesses, can cost billions to repair. For every £1 spent on protecting communities from the devastating impact of floods, £8 is saved to the economy.”
"We all want flood insurance to continue to be widely available and competitively priced beyond 2013, but for this to happen we need the government to keep to its pledge, under our agreement, to deliver a long-term flood management strategy backed by the right level of investment. This must include robust planning decisions, so that new homes are not built in areas at high risk of flooding."