Insurers need to take urgent action to help protect the UK’s infrastructure from the effects of climate change, environment secretary Caroline Spelman has warned.
Speaking at the launch of a new cross government report on the challenges posed by global warming to the national infrastructure, Ms Spelman said the insurance industry had a great opportunity to develop new processes to safeguard against its effects.
The report also sets out action that infrastructure owners and operators, regulators, insurers and government must take to guard against the risks of climate change.
These include ensuring that the impact of climate change is considered in the design of new infrastructure.
Spelman said: “Our economy is built on effective transport and communications networks and reliable energy and water supplies. But the economy cannot grow if there are repeated power failures, or goods cannot be transported because roads are flooded and railways have buckled, or if intense rainfall or high temperatures disrupt wi-fi signals.
“£200bn is expected to be invested in the UK’s infrastructure over the next five years. But if the facilities which support our society cannot cope with floods, droughts, or freezing winters then that money will have been wasted.
“This presents great opportunities for British businesses to develop new technologies and processes in engineering, planning and consultancy, ICT-based technologies, renewable energy, investment, and insurance.”
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