Underinsured flooding risks costing £1bn a year

flooding

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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