The Association of British Insurers is urging the UK Government to invest £1 billion ($1.85 billion) a year in flood defences.

Speaking after the recent launch of the Environment Agency’s long-term strategy, association Director-General Huw Evans said climate change is “dramatically increasing” the risk of flooding.

“There are potentially drastic consequences for homes, businesses and communities if we fail to take action.

“At least £1 billion a year to bolster physical defences is essential to support the Environment Agency’s plan to protect vital infrastructure as well as property.

“A lack of major floods in recent years is no cause for complacency. As well as building defences, we need to increase awareness of flood risk and encourage home and business owners to put in place their own measures to protect their properties too.”