Insurance cover for commercial and industrial properties in flood-prone regions could become more expensive, or even unavailable, following the recent deluge in South Yorkshire and Humberside, German insurer Allianz, has warned. Financial Times
‘Flood in the UK we believe is right up there as a major world-class risk,’ said Clement Booth, chairman of Allianz UK.
He said it was too early to say by how much the insurance for commercial and industrial properties would rise.
But the floods would force an examination of the price of cover for properties in flood zones, those adjacent to them and even premises that avoided flooding this time but share a similar risk profile.