The Association of British Insurers (ABI) has urged the Government to take steps to reduce threats to property as it goes ahead with Budget plans to build 300,000 homes a year in England by the mid 2020s.
Insurers pay out almost £13 million every day for homes and businesses which have suffered damage and loss, but the industry is also committed to efforts to reduce the chances of customers having to claim in the first place.
The Association of British Insurers (ABI) has spelt out its Building Blueprint – ten policy priorities to make all properties less vulnerable to the main threats of fire and weather, which between them account for around 50% of all claims in terms of cost. The growing issue of water leaks within buildings is also included.
Highlighting the fact that insurance is there when the worst happens, to fix your home or to help keep your business afloat after damage the ABI feel it’s better for everyone if major floods and fires can be minimised or prevented entirely. Environmental changes mean the risk of flooding is growing for many parts of the UK, and this year has brought a stark reminder of the worst that fire can do. As it embarks on an ambitious building plan for homes, the ABI feel it is important that Government has a firm eye on the steps it should be taking to help all properties, including businesses, be more resilient in the face of these threats.