ABI refuses to renew statement of principles for flood insurance

Cyclist riding through flooded road

The Association of British Insurers (ABI) has hit out at the government and said it would not renew the statement of principles for flood insurance as it was supposed to be a short-term measure and grossly distorted the market.

The declaration came on the same day as MPs criticised the government over flood defence spending and a lack of clear lines of responsibility in a new report.

The ABI stated that insurers were "frustrated" by the progress of talks with the government and warned that action was needed now with 200,000 homes at risk of not being able to afford insurance.

Otto Thoresen, director general at the ABI, commented: "We are running out of time to make sure that people in high risk areas are properly

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