New Flood deal for the Insurance Industry and Welsh Government
An agreement between the Welsh Assembly Government and the insurance industry has been drawn up to protect against the impact of flooding in Wales.
Assembly ministers and the AIB (Association of British Insurers) are going to work together to improve the way that flood risk is managed and the way that people are helped to recover from flooding.
This is welcome news, especially as figures were released recently that 1 in 6 homes in Wales are at risk from flooding. The statistics, published by the Environment Agency in Wales, suggest that 600,000 people are at risk.
It seems that the Welsh Government have been thinking about a move from 'flood defences' to 'flood risk management', to ensure that all eventualities are considered and prepared for.
Climate change means increased rainfall and more of a risk of flooding. Despite the height of flood defences and drainage systems, more needs to be done to adapt to the extreme weather.
The new agreement will raise the profile of flood risks and help communities to work together and will ensure that insurance companies continue to provide cover.
Both Governing bodies will work together to share the commitment and responsibility in order to provide a long-term solution to flooding. This agreement will be reviewed annually and give peace of mind to those in flood risk areas.
Authorised and regulated by the Financial Services Authority
