The extra budget promised by the UK government for additional flood defences will only provide partial protection, as the true extent of flood risk is underestimated, according to Risk Management Solutions (RMS).

As well as river and coastal flooding, large parts of the UK are exposed to flash flooding caused by heavy rainfall overwhelming inadequate drainage, which accounted for a large proportion of the damage from the summer's events. Taking account of all types of flood risk, RMS estimates insured losses of £1.5 billion every 25 to 35 years.

“The Environment Agency only has a mandate to assess the risk of river and coastal flooding, so other major sources of risk are not covered in its maps,” commented Dr Claire Souch, senior director of model management at RMS. “For there to be a viable market for insurers, the government needs to understand the true picture of flood risk, and implement appropriate protection measures.”

She added: “Experience from the US shows that when a major flood disaster occurs and people have insufficient insurance coverage, taxpayers usually end up footing the bill as governments are forced to provide disaster relief from central funds.”

Read a detailed RMS report on the summer 2007 UK floods (PDF)

•Date: 12th October 2007• Region: UK •Type: Article •Topic: DR general
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