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Thread: DEFRA and Insurers discuss managing flood risks

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    DEFRA and Insurers discuss managing flood risks

    It does look at last that there will be positive action to ensure continuing insurance cover for all even if in possible 'flood areas'. Not before time, as the way that insurance companies have been increasing the areas they would not cover has been expanding rapidly.

    Is it not a good theory of insurance from Victorian times that you cover the masses to compensate the few who suffer flood or any other loss?

    Flood summit at Defra focuses on a shared approach to managing flood risk | Department for Environment, Food and Rural Affairs

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    Re: DEFRA and Insurers discuss managing flood risks

    Quote Originally Posted by soloman View Post
    It does look at last that there will be positive action to ensure continuing insurance cover for all even if in possible 'flood areas'. Not before time, as the way that insurance companies have been increasing the areas they would not cover has been expanding rapidly.

    Is it not a good theory of insurance from Victorian times that you cover the masses to compensate the few who suffer flood or any other loss?

    Flood summit at Defra focuses on a shared approach to managing flood risk | Department for Environment, Food and Rural Affairs
    Yes, it is a good theory, but on the other hand it would be very poor business practice for insurance companies to accept cases which weren't just risks but were as near as dammit certainties. That would be a very quick way for them to go out of business! If the government and local authorities are still going to allow building to carry on in areas where they know there's either an existing flood risk, or the potential of one in the future, it's only right that they should be the ones to accept the risk of claims on behalf of the people who go to live their. It's unrealistic to expect private business to make almost certain losses on their behalf.
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