Flood of Claims Forces Insurers to Reappraise Approach to Risk; Worsening Weather has Put 1.7 Million Uk Homes at Risk
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Summary
This week's flooding brought back painful memories for many householders of the extreme weather of autumn 2000, when 10,000 homes across the UK suffered damage totalling nearly (pounds) 1bn.
Household insurance claims for storm and flood damage have doubled over the past five years to more than (pounds) 6bn, prompting much more interest from insurers in the risks they are taking. The rash of claims is not down to the new compensation culture - they can be laid at the door of global warming. A recent report for the Association of British Insurers found there were 34 months of extreme hot weather in the 1990s against 12 in the 1980s, and the number of winter storms in the UK has doubled since the 1950s.See the full content of this document
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Flood of Claims Forces Insurers to Reappraise Approach to Risk; Worsening Weather has Put 1.7 Million Uk Homes at Risk
The government, meanwhile, has been busy trying to respond to the crisis in flood defences, and has lifted annual spending by a third since 1997 to (p...
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