Underinsured flooding risks costing £1bn a year
Uninsured or underinsured flooding risks are costing £1bn a year in England and Wales according to new figures.
Searchflow, the property search firm which conducted the research, said that the individual cost from major flooding events was also rising.
The Environment Agency said a major coastal flooding event in the Humber estuary could cause damage worth £266m and as sea levels rose, this could reach £1.4bn by 2040.
The Association of British Insurers calculated an increase in the cost of a single flooding event to £12bn would require 10% of the capacity of the global reinsurance market.
Richard Hinton
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