UK flood insurance could cost insurers at least £500 billion

UK Flood Insurance

This expense could rapidly double if the disastrous weather conditions keep up in the country. The latest data from a Deloitte LLP partner is showing that the storms and flooding that are pounding on the country – one after the next – could cost the home, auto, and UK flood insurance industry a minimum of £500 million. That is only considered to be a starting point as the cost could end up being much higher. This amount, which is about $822 million, could double, according to the partner, James Rakow,…

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UK flood insurance leads to confrontation with Prime Minister

UK cyber Insurance industry News united kingdom

David Cameron was confronted by a woman who accused him of a “betrayal” regarding the delay in the coverage program. United Kingdom Prime Minister David Cameron visited Yalding, Kent, only to be confronted by a woman named Ericka Olivares, who accused him and the Government of betraying the flooding victims through the delays in the UK flood insurance program when he had promised that premiums would be kept down. Olivares urged Cameron to push a deal forward that would make this coverage affordable. She pressured him to bring a deal…

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Flood insurance initiative runs into problems in the UK

UK Flood homeowners Insurance companies Flood Re Plan

UK flood insurance initiative may be lacking foresight The United Kingdom’s new flood insurance initiative, called Flood Re, may not adequately account for the risks that many properties face, according to a new study from the London School of Economics. The flood insurance initiative operates as a flood fund, creating a financial windfall for homeowners, the UK government, and the insurance industry. The fund is meant to mitigate the costs associated with flood disasters and represents several years’ worth of negotiation between the UK insurance industry and the government. Flood…

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Flood insurance program in UK is potentially inadequate

UK Flood homeowners insurance program

According to a recent study, the new plans from the government underestimate the risk and its associated cost. Researchers have been analyzing the data from the newly created flood insurance program from the government of the United Kingdom and are predicting that it will fall short because it has underestimated the number of properties that are at risk of rising waters as a result of climate change. The study proposes that climate change will vastly increase the number of properties at risk of flooding. The research was conducted by a…

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Many U.K. homeowners may not be able to obtain flood insurance by 2014

The Association of British Insurers (ABI) has made an announcement that indicates that approximately 200,000 homes throughout the United Kingdom that are at a high risk of flooding might not be able to obtain flood insurance coverage beyond 2014. This announcement came close on the heels of widespread predictions that the government may not be able to come up with the necessary funds for building the required flood-control infrastructure, despite the fact that climate change is causing water and sea levels to continually rise. Some have suggested that many homeowners…

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