The Association of British Insurers (ABI) has called on the Government to increase spending on building and maintaining UK flood infrastructure.
In written evidence submitted to the Environmental Audit Committee’s inquiry into the 25-Year Environment Plan, the ABI is calling on the Government to protect communities by spending more on building and maintaining flood defences.
The Association also wants to see increased flood risk prevented by including sustainable drainage systems in all new developments and planning processes improved to ensure no inappropriate developments are built in high flood risk areas.
According to the ABI, while the Government committed to £2.3 billion of investment in flood defences n 2015 over a six-year period, spending on equally crucial flood defence maintenance fell by around 40% between 2010-11 and 2014-15.
“There needs to be a long-term Government commitment to increase both areas of funding to protect communities from the growing threat of flooding. “ the ABI said.
Currently, around 5.4 million properties in England are at risk of river, coastal and/or surface water flooding. This number is likely to rise due to the increased frequency and severity of major weather events, even without any future building of properties in areas of flood risk.
Commenting on the Flood Re reinsurance scheme developed to help safeguard access to affordable flood insurance for people living in high flood risk areas, the ABI said that in the first 18 months since its establishment 142,000 policies had been ceded to Flood Re.
The not-for-profit scheme, which is funded by the insurance industry via a levy of £180 million each year, is due to end in 2039, after which those benefiting from the scheme will be subject to an insurance market with prices that fully reflect the flood risk.
In the ABI’s view if the market is to transition back to risk reflective pricing that is affordable when Flood Re comes to an end in 2039, the Government needs to commit to a much longer-term plan for increased investment in targeted flood risk management.
The ABI’s submission states:
“We believe this must include an increase in the level of both capital and revenue funding available for both building new flood defences and effectively maintaining existing defences for the long term, alongside a commitment to continuing to provide the Environment Agency with at least a six-year spending review settlement.”
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