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ABI: 500,000 homeowners at
risk from flooding
19/07/06
Policyholders may need to upgrade their home insurance after a
new study claimed over half a million UK homeowners currently live
in high-risk areas.
The Association of British Insurers (ABI) - a trade association
that comprises over 94 per cent of Britain's insurance industry
- claims 570,000 homes are now in the danger-zones, while in 2002
it was estimated just 220,000 homes were under threat.
However, the government has not raised flood defence spending in
the last four years and Stephen Sklaroff, deputy director general
of the ABI, believes extra funding would reduce the need for customers
to make home insurance claims.
"Britain is one of the few countries where flood insurance is widely
available from the private market," he said.
"But the new, higher estimates of homes and businesses at risk means
that the government needs to invest more in flood defences.
"This makes good economic sense for homeowners, businesses and the taxpayer."
This month, the leaders of the G8 group of nations have been discussing
the issue of climate change and the effects of rising sea levels
on specific countries.
Globally, high-risk flood areas are thought to include the low-lying
countries of Bangladesh and Holland which the Central Intelligence
Agency in the US has estimated contain approximately 147.5 million
and 16.5 million people respectively.
Domestically though, the principal places thought to be at risk
from an increase in flooding are thought to be areas in the south
of England, including the Thames valley region and East Anglia.
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