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Statement of principles on flood risk agreed with the insurance industry

Monday, 5 October 2009

A joint agreement on flood risk has been reached between Government and the Association of British Insurers (ABI).

The agreement to a Statement of Principles (SoP) will assist towards ensuring that flood insurance remains as affordable and widely available as possible, so that householders and businesses continue to be able to protect themselves from the financial consequences of flooding.

To achieve this, Government has made various commitments to improve flood risk assessment, reduce flood risk, particularly after heavy rainstorms, and prevent inappropriate development in flood risk areas. Insurers have committed to continue to provide flood insurance cover for the vast majority of customers. This provides the people here with the same benefits as those in other devolved administrations where similar agreements are already in place.

The SoP will only apply to existing property and will be reviewed annually. It is anticipated that the SoP will remain in place until 2013.

The SoP can be viewed on the Rivers Agency website Alternatively a hard copy may be requested by contacting Rivers Agency Headquarters, 4 Hospital Road, Belfast, BT8 8JP, Telephone number 0845 3044505.

Notes to Editors:

1. The ABI represent the local insurance industry.

2. All media queries should be directed to the DARD Press Office on 028 9052 4619 or ABI press office 020 7216 7410. Out of office hours please contact the duty press officer via pager number 07699 715 440 and your call will be returned.