Insurer welcomes new deal on flood cover
Allianz has welcomed the agreement between the insurance and the government on the future of flood insurance. But is
Andrew Torrance, chief executive of Allianz Insurance, said: "This news provides the re-assurance the insurance industry and I am sure many of our policyholders were looking for. Removing flood cover from insurance policies was a measure of last resort and this agreement ensures that there will be no need to take this action.
“It is crucial that the Government delivers against the commitments given in the agreement in order to reduce the number of properties in the UK that are exposed to a serious risk of flooding. The risk of more severe weather events is increasing due to the impact of climate change and this needs to be taken into account by the Government and the industry’s risk modelling.”
Torrance added: “As our recent research in partnership with the WWF, the global conservation organisation, confirms, Governments around the world need to do more to try and reach the Kyoto targets in order to reduce the impact of climate change. There is actually no clear-cut commitment for CO2 reduction targets for either 2020 or 2050 for all G8 nations. I am afraid to say the summit held in Japan recently was a lost opportunity.”