31 January 2012 News

Insurers and UK government need flooding agreements, says PwC

Professional services provider PwC has said that an agreement must be reached between insurers and the UK government to deal with the issue of flooding.

The comments follow research by the Association of British Insurers about the worrying scale of flood risk faced by communities across England and Wales.

Mohammad Khan, partner in PwC’s actuarial team, said that it is vital that an agreement is reached; otherwise as many as 200,000 high-risk households could be left suddenly having to foot the bill for any flood damage and repairs.

“In some cases these flood losses can be mitigated, through careful planning of new homes and protecting contents. However existing properties and those where flood risk has increased might not have those options and will be unable to reduce the financial impact of a flood event,” he said.

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