Axa ‘disappointed’ with flood proposal
Global insurer Axa has joined other major insurers in giving a mixed reaction to the draft UK Flood and Water Management Bill.
While the company says it’s pleased the bill acknowledges the threat from surface water drainage, it says the investment of £15 million ($30.9 million) for local authorities is not a realistic amount to adequately deal with drainage issues.
Axa Insurance MD Claims David Williams says more than 75% of Axa’s flood claims in 2007 resulted from drainage issues. He estimates an additional £720 million ($1.48 billion) is required to deal with surface water drainage alone.
“We remain disappointed that the current requirements to tackle flooding from surface water drainage do not appear to have been adequately dealt with in the bill,” he said.
“Additionally, the bill does not seem to outline specific action required to tackle current drainage issues but focuses more on planning of future surface drainage.”
While the company says it’s pleased the bill acknowledges the threat from surface water drainage, it says the investment of £15 million ($30.9 million) for local authorities is not a realistic amount to adequately deal with drainage issues.
Axa Insurance MD Claims David Williams says more than 75% of Axa’s flood claims in 2007 resulted from drainage issues. He estimates an additional £720 million ($1.48 billion) is required to deal with surface water drainage alone.
“We remain disappointed that the current requirements to tackle flooding from surface water drainage do not appear to have been adequately dealt with in the bill,” he said.
“Additionally, the bill does not seem to outline specific action required to tackle current drainage issues but focuses more on planning of future surface drainage.”