The flooding minister has said he wants to encourage the creation of a specialised flood insurance market to help customers in areas at greatest risk of inundation.
Responding to industry concerns about the cross-subsidy of high risk households by those in lower risk areas, Richard Benyon told the flooding seminar at today’s ABI biennial conference that he would like to see specialised flood insurance.
Benyon is due to preside over a flood summit next month where the results of a series of working groups commissioned to explore options for flood insurance post-2013 when the existing statement of principles, under which insurers agree to offer flood insurance as part of standard cover, expires.
“From a business perspective there are opportunities, there are markets out there,” Benyon said, adding that specialised flood providers could make use of the increasingly granular information on offer about the flood risk faced by individual properties.
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