New UK homes in flood-risk areas could become uninsurable, says Aviva boss
Summary
The head of Aviva, a major UK insurer, warned that many new homes built in flood-risk areas could become uninsurable in the future due to increasing flooding. She urged careful planning on where to build homes and highlighted that many properties already face higher flood risks because of climate change.Key Facts
- Amanda Blanc, CEO of Aviva, said flooding risks in the UK are rising.
- Around 115,000 homes will be built in flood zones over the next 10 years if current building trends continue.
- About 6.3 million homes and businesses in England are currently at flood risk, expected to grow to 8 million by mid-century.
- Aviva’s research shows nearly 33% of new homes in 2024 face some flood risk by 2050; 1 in 7 are at medium-to-high risk.
- The UK is experiencing wetter winters more often, changing from once-in-80-year to roughly once-in-20-year events.
- Blanc said it is well known where flood-risk areas are, so building in those spots should be reconsidered.
- Property owners can take steps to reduce flood damage, but preventing risky building is important.
- Blanc also warned against government actions that increase uncertainty, noting large increases in pension withdrawals before budget announcements.
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