The Environment Agency's flood map is being re-examined in the wake of a disastrous flooding in the UK last month, which will include more properties being added to the "deemed at risk" list. This is expected to result in more homeowners battling to insure and possibly sell their properties, as well as putting pressure on the industry-funded scheme Flood Re, since the flood map is one of the many factors that insurance companies take into account when insurers price cover. The impact on insurers has already been huge, with Direct Line Insurance, for example, revealing that it expects to pay out up to £140m to claimants following the flooding last month, £35m more than their usual prediction for weather-related claims. This follows recent news that the UK is still building 100 new homes a year on floodplains, despite increasing warnings over episodes of extreme flooding.
The Environment Agency's flood map is being re-examined in the wake of a disastrous flooding in the UK last month, which will include more properties being added to the "deemed at risk" list. This is expected to result in more homeowners battling to insure and possibly sell their properties, as well as putting pressure on the industry-funded scheme Flood Re, since the flood map is one of the many factors that insurance companies take into account when insurers price cover. The impact on insurers has already been huge, with Direct Line Insurance, for example, revealing that it expects to pay out up to £140m to claimants following the flooding last month, £35m more than their usual prediction for weather-related claims. This follows recent news that the UK is still building nearly 10,000 new homes a year on floodplains, despite increasing warnings over episodes of extreme flooding.