Commenting on the announcement, in today’s Spending Review, on flood defence investment,
Nick Starling, the ABI’s Director of General Insurance and Health said:
defences. But we are disappointed that this will not be maintained at current levels,
given the scale of the problem and the wider economic benefits provided by flood
defences to our communities and businesses.
“We urgently need a long-term plan to tackle the rising flood risk this country faces
over the next 25 years, especially as the Statement of Principles on Flood Insurance
comes to an end in 2013.
“In the last spending review, the previous Government committed to £2.15 billion for
three years 2008 - 2011. Today, the Government committed £2 billion over four years
2011- 2015”.
Further Information
The UK insurance industry is the third largest in the world and the largest in Europe. It is
a vital part of the UK economy, managing investments amounting to 24% of the UK’s total
net worth and contributing the fourth highest corporation tax of any sector. Employing over
275,000 people in the UK alone, the insurance industry is also one of this country’s major
exporters, with a fifth of its net premium income coming from overseas business.
Insurance helps individuals and businesses protect themselves against the everyday risks they face, enabling people to own homes, travel overseas, provide for a financially secure future and
run businesses. Insurance underpins a healthy and prosperous society, enabling businesses
and individuals to thrive, safe in the knowledge that problems can be handled and risks
carefully managed. Every day, our members pay out £155 million in benefits to pensioners and long - term savers as well as £58 million in general insurance claims. Source ABI
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