ABI and the Scottish government agree deal to manage the flood threat in Scotland

ABI and the Scottish government agree deal to manage the flood threat in Scotland

ABI and the Scottish government agree deal to manage the flood threat in Scotland

Flood insurance will continue to remain widely available and competitively priced for the vast majority of Scottish home insurance customers, under a new deal agreed today by the ABI (Association of British Insurers) and the Scottish Government.

Under the agreement, the ABI and the Scottish Government will work together on measures to manage and reduce the growing flood threat. This includes the Scottish Government developing a long-term flood strategy, and carrying out a detailed assessment of the flood risk in Scotland, from rivers, the sea and surface water.

Implementing these measures will ensure that flood insurance remains widely available and competitively priced where the flood risk is adequately managed for existing Scottish policyholders over the next five years, under an industry agreement among ABI members. After 2013 implementation of these measures should mean this agreement is no longer needed.

Justin Jacobs, the ABI’s Assistant Director of Property, said:
“Today’s agreement is good news for Scottish customers. The Scottish Government rightly recognises that a long-term flood strategy, backed by adequate resources and funding, is the best way to manage the growing flood threat. We look forward to continuing to work with them to ensure that these measures are implemented so that flood protection relied upon by homeowners and businesses remains widely available.”

The Scottish Environment Minister, Michael Russell, said:
“This historic agreement – the first of its kind between the ABI and the Scottish Government – enables households and small businesses to plan for and minimise the financial costs of flooding.”

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Notes for Editors

1. Enquiries to:
Jonathan French 020 7216 7392 (Mobile: 07958 330 480)
Malcolm Tarling 020 7216 7410 (Mobile: 07776 147 667)
Erfan Hussain 020 7216 7411 (Mobile: 07712 841 184)
Kelly Ostler-Coyle 020 7216 7415 (Mobile: 07968 364 302)

2. The ABI is the voice of the insurance and investment industry. Its members constitute over 90 per cent of the insurance market in the UK and 20 per cent across the EU. They control assets equivalent to a quarter of the UK’s capital. They are the risk managers of the UK’s economy and society. Through the ABI their voice is heard in Government and in public debate on insurance, savings and investment matters.

3. An ISDN line is available for broadcasts.

Copies of all ABI news releases, together with other information from the Association, can be seen on our website http://www.abi.org.uk