Defaqto comments on ABI’s calls for more flood prevention
Defaqto’s Brian Brown, head of insight, commented on the ABI’s calls to reduce flooding. “It is no surprise that the widespread flooding of summer 2007 is having an impact on the home insurance market," he said.
“It is clear that the Government, Insurers and Mortgage Providers must come together to find a way to balance paying out billions on flood claims against the cost of flood prevention activities. With the prospect of over half a million homes becoming uninsurable it is vital that action is taken as soon as possible.
The flooding of 2007 cost the insurance industry over £3bn, and that money comes from the premiums paid by customers. If flooding becomes more common, and the insurance industry is
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