Commenting on the announcement, in today’s Spending Review, on flood defence investment, Nick Starling, the ABI’s Director of General Insurance and Health said:
“The Government is right to recognise the importance of continued investment in flood defences. But we are disappointed that this will not be maintained at current levels, given the scale of the problem and the wider economic benefits provided by flood defences to our communities and businesses.
“We urgently need a long-term plan to tackle the rising flood risk this country faces over the next 25 years, especially as the Statement of Principles on Flood Insurance comes to an end in 2013.
“In the last spending review, the previous Government committed to £2.15 billion for three years 2008 – 2011. Today, the Government committed £2 billion over four years 2011- 2015”.
Source : ABI Press Release