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.”
  

Back to Index


Similar News to this Story

Implications for Cyber ReInsurers from Crowdstrike event
CrowdStrike, a global cybersecurity firm, released an update for its Falcon sensor which caused system crashes on Microsoft Windows systems globally.
Generational stereotypes undermine financial advice market
New research from Unbiased highlights the negative impact of generational stereotypes in personal finance, leading to consumer inertia or blindly foll
Cyber risk the standout challenge for the insurance industry
Cyber risk is now deemed the most significant threat to the insurance industry, surpassing natural catastrophes and political risks, according to insu

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.