Flood insurance deal not reached between ABI and UK government

Flood Insurance

The Environment Secretary has expressed the “disappointment” that he feels at the failure to come together. Owen Paterson, Environment Secretary in the U.K. has revealed that he is feeling “disappointment” as a result of the failure of the Association of British Insurers (ABI) and the British government to reach a deal for a flood insurance program that would protect homes and businesses in high risk areas. The two organizations have been in talks over a new coverage strategy for many weeks as the deadline looms. The discussions have been with…

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Thousands of UK homeowners could lose their insurance coverage if a new deal is not worked out between the government and insurers

In the United Kingdom, an agreement between the government and the country’s insurance industry is scheduled to come to an end in 2013. The agreement was first struck in 2008, after severe flooding caused damage to homes a year earlier. The agreement saw insurers offering coverage to homes found in high-risk areas, where flooding is very common during rainstorms. The Association of British Insurers wants the government to shoulder some of the burden associated with covering these risk-prone properties, but if the government denies re-negotiating the deal, thousands of homeowners…

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