ABSTRACT
In light of rising Ÿood risks, insurers are continuing to call for better risk management practices to keep homes and businesses insured. The Association of British Insurers (ABI), which represents over 90% of the insurance market in the United Kingdom and 20% across the European Union (EU), wants to ensure that Ÿood risk is managed effectively and that as many people as possible can continue to obtain competitively priced insurance to protect themselves from the ¥nancial cost of Ÿooding. Under a 2008 Ÿood agreement with the UK government and the devolved administrations, insurers committed to continuing to provide Ÿood insurance to the vast majority of customers until 2013. In return, the government gave an overarching commitment to ensure that Ÿood risk is appropriately tackled. Over the next 3 years, the insurance industry will continue to work with the government to put in place long-term solutions that will enable Ÿood insurance to be as widely available as possible through effective long-term management of Ÿood risk, backed by adequate funding.
