Insurers warn of shortfall in flood funding

Up to £30 million a year of additional government spending may be required to counteract the growing threat of flooding, insurers have warned.

In research published this week, insurer MORE TH>N said that further spending is required to cope with the increased likelihood of flooding as the effects of climate change begin to take hold.

The study maintains that there is a risk that defences being built now will be inadequate in the future, increasing the number of people living at a high risk of flooding from 1.5 million to 3.5 million.

MORE TH>N insurance chief David Pitt said: "More needs to be done, particularly with the potential for climate change to drastically affect weather patterns and cause disaster for homeowners and businesses."

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