Delyn MP David Hanson has welcomed the news that the ABI (Association of British Insurers) and the Government have reached an agreement that ensures flood insurance remains widely available now and in the long term.
The agreement outlines the actions that both Government and the industry will take over the long term. These include:
* Improving understanding of flood risk.
* Government putting in place a long-term investment strategy, which will set out strategic flood prevention aims and assess future policy options and funding needs
* Ensuring that the planning system prevents inappropriate development in flood- risk areas.
* Raising awareness in areas where flood risks are significant, encouraging property owners to take sensible precautions, and providing more information about how to obtain flood insurance.
* Promoting access to home insurance for low-income households.
Implementing these steps should lead to a competitive flood insurance market, without the need for the Statement of Principles, which will therefore end in 2013. Until then, insurers will continue to:
– Make flood insurance for homes and small businesses available under household and commercial insurance, where the flood risk is no worse than a 1 in 75 [1.3%] annual risk.
– Offer flood cover to existing domestic and small business customers at significant flood risk, providing there are plans to reduce the risk to an acceptable level within five years.
David Hanson said:
“There has been significant investment in Flintshire to counter the risk of flooding and I will continue to do all I can to ensure that properties are protected.
“”This agreement ensures that flood cover is available in both the short and long term. I’m pleased that the industry has agreed to work with us to raise awareness and encourage homeowners to take steps to protect their homes where appropriate.
“I know that many constituents who had flooding problems in 2000 in Delyn did have problems with insurance after the event – I hope this agreement will prevent such issues in the future.”