Home Insurance Tue, Sep 9, 2024
Lloyds report highlights increased risk of flooding
A report from Lloyd’s insurers and Risk Management Solutions has highlighted the continually increasing risk of flooding across the UK. The report claims that the risks of flooding on a worldwide view will double by 2030 and see insurance premiums rise accordingly. So what is happening?
The report is based on the estimate that sea levels will rise by a minimum of half a metre this century which will see at least half of the world’s population within 100km of the sea. The report looked at the risks in Europe, Asia and the Caribbean and suggested that there were a number of actions which could be taken now to ensure the risk is reduced. Suggestions included more investment in flood defences, building homes on stilts in areas at risk and adapting the type and style of housing to the area.
The report also highlights the fact that insurers in the future will be looking to cost flood insurance on the area and the structure of the building, something which will give those who make the effort to adapt a reduced flood insurance bill. While in the past the UK has seemingly avoided the majority of flood risks around the world, this has all changed over the last few years.
The message seems to be ‘Adapt, or you will pay the price’.
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