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While the Bank of England has faced the dilemma of how much funding assistance to give to the UK markets without allowing backs to benefit directly, this situation is now being replicated in Europe...
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Thursday 26th June 2008
Whether the UK insurance sector knew of the slow pace with which government investment in flood defences was progressing, or insurance companies were trying to give the authorities a wake up call it seems promises of major investment in flood defences are at least 2 years away, as they suggested. The insurance sector has already stated that many areas of the UK will be without flood insurance in the short to medium term, until the government fulfil the recommendations laid out in the report by Sir Michael Pitt.
The Pitt report has been in the public domain for some time but only now has Environment Secretary Hilary Benn stepped forward to confirm a timetable for investment. As legislation is unlikely to go before parliament until the end of 2008 at the earliest, it seems that the substantial investment demanded by the Pitt report and insurers will still be some 2 years off at the earliest.
While the opposition parties have launched a number of blistering attacks on the government, with claims that they are dragging their feet, this does not help those on the ground, home owners in areas at risk. They now face the real threat of living with the risk of flooding knowing that their homes are not covered. |
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