The secretary of state for the environment, David Miliband, today announced the possibility of a longer-term investment strategy for flood defence maintenance spending, despite plans to slash the budget by £15m.

Miliband, said the cut was “regrettable” as he addressed delegates at the ABI's climate change conference, following the release of its coastal flood risks report.

Miliband then declared that the challenge for the government is not to do the work of the financial industry, but to offer clarity and consistency.

He said climate change was not just an environmental issue, but an issue that requires the engagement of all sectors of society, and predicted that new markets in green financial products are likely to open up.

Peter Hubbard, chief executive of AXA and chair of the ABI property committee, said: “As insurers we've taken the issues around climate change seriously and it's good to see that recognised by the government.”
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The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.

Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.