With Environment Agency estimates of three million properties at risk of flooding from surface water, the winter storms found insurers braced for a flood of claims. But they stayed afloat, even seeing a relatively low number and cost of claims compared with the 2007 floods, according to Steve Gilbert, UK personal lines technical underwriting manager at Zurich.
As the Statement of Principles nears expiry and with the imminent introduction of Flood Re, what does the future hold for flood cover?
- Increase temptation.
- Contentious exemptions.
- Contribution to costs.