The Association of British Insurers (ABI) has commended the UK government’s adoption of plans to tackle flooding announced today, which include plans to spend 拢2.3 billion ($3.6 billion] on building defenses to reduce the damages caused by floods that regularly occur in the country.
Huw Evans, the ABI’s Director of Policy and Deputy Director General, said: “Today’s announcement provides clarity about the allocation of the flood defense spending set out in last year’s Spending Review. Insurers welcome this increased investment following the cuts initially made by the Coalition Government in 2010.”
He added, however, that “to keep pace with what is needed to protect our flood-risk communities, the Government’s own climate change advisers have identified a 拢500 million [$785 million] shortfall between current spending and what is necessary so it is vital that the next spending review continues to increase funding for flood defenses and maintenance if we are to be prepared for the future.”
Source: Association of British Insurers (ABI)
Topics Flood
Was this article valuable?
Here are more articles you may enjoy.
North Carolina Becomes First State to Pass Outright Ban on Litigation Financing 
NAIC Victim of Cyber Incident Via PeopleSoft System 
5 Years After Surfside Collapse: Safer Condos, More Transparency for Underwriters 
How Insurers Know When It’s Time to Scale AI 
