General Insurance Article - 200,000 households could benefit from flood agreement


 Deloitte comments on the initial flood agreement reached between the Association of British Insurers and Government.
 
 James Rakow, insurance partner at Deloitte, said:
 
 “This initial agreement can’t come a moment too soon for the 200,000 households in Britain whose homes are at very high risk of flooding. If an agreement had not been reached, insurance for the homes of hundreds of thousands of people would become difficult to find or afford.
 
 “A key challenge for insurers is to ensure that their risk models and flood data are accurate enough to make effective pricing and underwriting decisions. Large scale floods can be devastating and cause hundreds of millions of pounds of damage. Last year, for example, was the wettest summer for 100 years; in June alone the Environment Agency issued 50 flood warnings and insurers’ flood claims hit £17m a day.”
  

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