In response to the Chancellor's announcement of £140m of new funding for flood defences, Dom del Re, climate change catastrophe insurance expert at PwC, said:
"Insurers will welcome the £140m additional investment on flood defences. In the UK the insurance sector plays a greater role than in most European countries in helping businesses and homeowners get back on their feet after severe flooding. Better defences will ultimately mean lower premiums for policy holders, though the issue will be the lag between when the defences are in place and when insurance companies start recognising the reduced risk in the pricing models they use."
Liz Peace, Chief Executive, British Property Federation said:
"We are pleased to see that the Government is committed to spending on flood defences and helping those that have been hardest hit by the recent storms, but today's announcement of £140m funding to repair flood defences do not assuage our fears about the government's new flood insurance scheme, Flood Re, which currently stands to expose thousands of homeowners to rocketing insurance premiums. As things stand, the scheme will prevent one-third of homes from accessing affordable buildings insurance, and we would like to see an extension of the scheme cover larger leasehold blocks of over three properties, the private rented sector and small businesses to ensure that where defences do fail, they still have the security blanket of flood insurance to help them on the road to recovery."
Please note, this release will be constantly updated with comments on the Budget.
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