AGREEMENT ON FLOOD INSURANCE IS GOOD NEWS FOR CUSTOMERS

The ABI (Association of British Insurers) and the Government have reached agreement that ensures flood insurance remains widely available now and in the long term.

The agreement outlines the actions that both Government and the industry will take over the long term. These include:
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ABI COMMISSIONED OPINION RESEARCH INTO PUBLIC ATTITUDES TO FLOODING ONE YEAR ON FROM THE SUMMER FLOODS OF 2007

To coincide with the first anniversary of the 2007 summer floods, the ABI commissioned Populus to carry out a survey into public attitudes towards flooding. Populus interviewed a random sample of 1,000 adults in areas badly hit by the flooding in the summer 2007 in Yorkshire and Humberside and Gloucestershire and Worcestershire.
They also interviewed a random sample of 1,000 adults across the country in areas not as badly hit by last summer’s floods.
KEY FINDINGS
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The Summer Floods 2007: 0ne year on

Last summer was the wettest since records began. During June and July, insurers:

- dealt with four years’ worth of claims;
- handled 180,000 claims for flood-damaged homes, businesses and vehicles;
- arranged temporary accomodation for over 17,000 policyholders;
- paid out £3 billion in claims.

The Summer Floods 2007:Summer Floods 2007. one year on and beyond sets out how the insurance industry responded to the largest natural disaster yet in UK, and what action is now needed to manage the increasing risk of flooding
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Adaptation to Climate Change – local and global implications
Climate change is a reality. It is happening now and its impact is felt across the world. It is the major risk facing the world today.

Climate change is of enormous importance to the insurance industry. We invest in business to back long-term pension commitments. We do not invest for a quick buck. So we want to invest in companies that are sustainable. We also help business and individuals to manage risk. So obviously we want those risks to be kept as low as possible whether due to storm, flood or heat wave.
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EFRA flooding report highlights need for a Floods Bill, says the ABI

Commenting on the publication today (7 May) of the report from the Environment, Food and Rural Affairs Select Committee on flooding, Stephen Haddrill, the ABI’s Director General, said:

“Despite the devastation and tragedy of last summer’s floods, the UK remains ill-prepared for coping with a major flood. As the Committee recommends, the Government should review the adequacy of its current flood spending plans.
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Flooding - A quick guide to the claims process

There are six steps in putting your home back together after a flood:

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Step 1 – Making a claim
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Step 2 – Assessing the damage and finding you accommodation
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Step 3 – Cleaning and stripping out
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Step 4 – Decontaminating and drying out
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Step 5 – Repair and construction work
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Step 6 – Moving back into your home
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