The United Kingdom's Department for Environment, Food and Rural Affairs (DEFRA) and the Association of British Insurers (ABI) have reached a flood insurance agreement that will ensure future coverage while recognizing the risks posed by floods.
A joint ABI/government letter notes that, in the UK, flood insurance is provided by the private market as a standard feature of household and small business insurance policies. The government and insurance industry have worked to keep the coverage available and affordable.
The letter states, "Since 2000, this has been achieved through a 'Statement of Principles on flood insurance," which commits insurers to provide flood insurance "under certain scenarios" while the government manages the risk from flooding.
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