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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