The Association of British Insurers (ABI) is calling for government action to guard against a rising flood damage toll.

Last week the ABI highlighted an alarming jump in claim costs in the past decade from £1.5 billion ($2.4 billion) to £4.5 billion (7.2 billion).

This is three times higher than the damage bills of 2000, with research also revealing that one in six homes in England are at risk.

The figures were released at the ABI’s Fighting Flood Risk Together conference, which saw industry representatives, policymakers and community groups discuss British Government cuts in flood control spending.

ABI Chairman Tim Breedon told the meeting that despite insurers playing a key role in helping flood victims recover, “prevention is a much better cure”.

“The recent announcement of a cut in government investment in flood defences was disappointing, and it’s now vital that the Government spends its money wisely to bring real improvements where they are most needed,” he told the conference.

ABI Property Committee Chairman Barry Smith says millions of people in the UK rely on the financial protection of flood insurance “and insurers are determined to ensure this continues”.

The industry’s current agreement with the Government on terms for offering flood insurance is due to expire in June 2013.

Mr Smith says further investment in flood management is needed if the agreement is to continue beyond that date.

Research suggests almost 500,000 people currently face flood risk and the numbers are expected to rise to 840,000 by 2035 if no preventative measures are taken.