Flooding is the main natural risk facing the UK, and it is predicted that climate change will lead to an increase in the frequency and severity of major floods in the future. Climate change is not the only factor. Land use patterns are changing and urbanisation is increasing the percentage of the country which is covered in impermeable concrete and tarmac. As this disruption to the natural water cycle gathers pace, it is no surprise to see an increase in groundwater and surface water flooding, often in areas nowhere near a river or coastline. Of the 5.2 million homes in England at risk of flooding, 2.8 million are at risk due to surface water alone. Flood risk today is therefore greater than ever before. Insurers have a key role to play in helping society manage this risk, through the provision of cover for flood damage. The UK is one of the very few countries in the world where flood insurance remains an integral part of property insurance.
The ABI is working to ensure that, should the worst happen again tomorrow, we are ready to provide the best possible response. But fighting the risk of flooding is not the responsibility of insurers alone – we are an important part of the solution, but not the whole answer. While insurers are experts at managing the financial risks of flooding, the Government and others have a responsibility for tackling the risk head on, by investing in flood defences and flood risk reduction and by ensuring that development on flood plains is undertaken responsibly. And individual property owners need to take action to protect their own properties and businesses. The responsibility for fighting flood risk must be shared between consumers, insurers, Government and other stakeholders, to keep people, their homes and their livelihoods safe.
Arranging flood cover in some areas can still be a challenge. Oncover Insurance work closely with various high net worth insurers who generally offer a more flexible attitude to some high value homes in a flood area.
Oncover also has exclusive in-house access facilities to an underwriter with very competitive rates for flood risk areas. Please contact us directly for more information.
SAGIC (Salvation Army General Insurance Corporation Limited) Is a wholly-owned subsidiary of The Salvation Army that has been a part of the UK Insurance Market since 1909. SAGIC looks after the insurance needs of The Salvation Army and would like to look after your insurance needs, too.
All profits made by SAGIC are given to The Salvation Army and therefore this money does help change people’s lives. If you would like more information about this cover, or require a property insurance quote please contact our office for more details.
Categorised in: Flood Insurance