The British Insurance Brokers' Association (Biba) has called on the government to review its funding...
The British Insurance Brokers' Association (Biba) has called on the government to review its funding for flood defences and relief schemes, in a bid to maintain affordable rates.
In response to the government's Flooding: Lessons Learned Review, Biba also pointed out that brokers played a key role in the measurement, management, control and transfer of risk.
Eric Galbraith, chief executive at Biba, said: "Government commitments on flood defences and improving existing drainage systems need to be supported by appropriate and immediate funding. It should also look to provide funding for the continued development of flood map data."
Biba added that it "completely disagreed" with the proposals to only update the Environment Agency's (EA) flood map data every second year, and to make changes to the insurance industry.
"Biba urges the government to obtain more accurate information on a regular basis, and provide this free to all stakeholders," Mr Galbraith said.
"The flooding and storms seen in the summer of 2007 have resulted in an estimated cost of £3bn to the insurance industry. In order to provide affordable insurance cover for these risks, increased funding on flood prevention and coastal defences by the government is required now, not by 2011."
In addition, Biba recommended that developers and builders should consult with the insurance industry before building on flood plains, and that an awareness campaign should be launched for homeowners and businesses in areas at risk of flooding.
Mr Galbraith added: "We are calling on the government to appoint a single body with the authority to take responsibility for the risk of flooding, and to improve communication between those affected by flood, local authorities, the EA and the insurance industry.
"For the present, insurance cover continues to be both available and affordable. However, it will be difficult to sustain this situation unless the government provides adequate funding for flood defences and other flood prevention schemes."
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