Claims for flood insurance may reach £4 billion by 2035, according to new research by the Co-operative Insurance .
One in six homes are at risk of flooding and the financial services provider believes the Environment Agency and local authorities have to work with insurers to make sure there is better protection from water damage . Research published by Halifax earlier this year revealed that an average claim for flood damage to a property is £20,000.
James Hillon, head of home insurance at the Co-operative Insurance, said it is their responsibility to speak up on behalf of their clients when things are progressing slowly as flooding is a real risk to many properties . He added: “Whilst the government has pledged to increase funding in flood defences moving forward, it is up to the insurance industry to lead the way.”
Funding from the Environment Agency, worth £20 million, has been brought forward one year to 2010 to protect 27,000 homes . Also, the government has pledged to increase spending by 2011 from £200 million to £800 million.