A new report is warning over the impacts of increasing flood risk resulting from climate change on UK citizens.

Flood Re, the body set up to enable insurers to offer lower premiums and excesses to high-risk flood homes across the UK, has produced its first transition plan setting out how the home insurance market will return to risk-reflective pricing by 2039.

The House of Commons Environment, Food and Rural Affairs Committee will hold its first oral evidence session on Its Future Flood Prevention inquiry in England on Wednesday 13 April.

Initial estimates from the Association of British Insurers (ABI) published today suggest the final amount ABI members will pay out to affected customers is likely to be around £520 million for floods which hit the north of the UK over the 4th and 5th of December.

Munich Re, one of the world’s leading insurance companies, has posted  a €3.3 billion profit for 2013 (2012: €3.2bn) and announced an increased dividend of €7.25 per share.

The proposed new scheme for flood insurance in the UK may not be sustainable because the impacts of climate change have not been taken into account, according to a new policy paper published today.