Flood: British brokers lean on Government to do better
The British Insurance Brokers’ Association (BIBA) has given initial approval to a UK Government commitment to flood insurance but says more needs to be done.
The Association of British Insurers last week struck a deal with the UK Government to continue to offer flood insurance to British homeowners.
The public-private nature of the partnership faced a test last year after insurers incurred £3 billion ($6.2 billion) in claims after summer floods inundated parts of the country.
Despite the deal, BIBA says owners of high-risk properties and some new houses continue to be excluded from flood cover and will need broker advice.
The British broker body has called on the Government to satisfy a shortlist of demands.
BIBA wants a cabinet committee to improve flood response, widespread availability of insurance, a flood action plan, and clarification and implementation of the proposed Floods and Water Bill.
It also wants the Government to undertake a public education program incorporating more guidance for social housing providers, and a high-level review of insurance.
The Association of British Insurers last week struck a deal with the UK Government to continue to offer flood insurance to British homeowners.
The public-private nature of the partnership faced a test last year after insurers incurred £3 billion ($6.2 billion) in claims after summer floods inundated parts of the country.
Despite the deal, BIBA says owners of high-risk properties and some new houses continue to be excluded from flood cover and will need broker advice.
The British broker body has called on the Government to satisfy a shortlist of demands.
BIBA wants a cabinet committee to improve flood response, widespread availability of insurance, a flood action plan, and clarification and implementation of the proposed Floods and Water Bill.
It also wants the Government to undertake a public education program incorporating more guidance for social housing providers, and a high-level review of insurance.