LONDON (Reuters) – Britain has refused to bankroll a fund to subsidize insurance for households in flood-prone areas, derailing talks over the scheme and potentially leaving 200,000 homes without protection.
The government has told insurers it will not provide an overdraft to the proposed fund, leaving talks over the plan deadlocked, the Association of British Insurers said on Monday.
The impasse comes amid renewed heavy flooding across England, with 500 properties affected since Wednesday and 70,000 more at risk, according to Britain's Environment Agency.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
