Local broker calls on government and insurance industry to reveal new flood insurance agreement as many Sheffield homeowners worry over premiums

4th December 2012

Sheffield insurance broker is urging the government and insurance industry to announce a solution for flood insurance for homeowners beyond 2013.

The "statement of principles" that governs existing insurance arrangements between the government and the insurance industry expires in June 2013. The current statement means insurers agree to provide cover for flood-risk properties provided the government continues to invest in flood defences.  However the government made it clear some time ago that it will no longer renew this deal once it runs out. David Biggs, Managing Director of IFM Insurance brokers said, -Many of our policyholders are very worried and anxious as to whether they will be able to afford or even get home and contents cover in the future.  Worryingly the government is still to outline a replacement solution and no announcement seems imminent.  What's more a failure to reach a solution would potentially leave thousands without affordable cover, meaning owners would be unable to sell their properties, potentially exposing them to financial hardship.

You might also be interested in

Landmark skills training report calls for wide-ranging reboot of UK system

Thu 6th May 2021

A major new report is calling for a root and branch reform of the UK’s training system to help businesses access the skills they need to boost productivity.

Sheffield Chamber Comments on Sheffield City Region Quarterly Economic Review Q1 2021 Results

Thu 6th May 2021

On 27th April 2021 businesses from across the region gathered to hear the latest results following the Sheffield City Region (SCR) Quarterly Economic Review for Q1.

BCC welcomes ratification of UK-EU TCA but says work remains to be done

Thu 29th April 2021

Speaking after news that the Trade and Co-operation Agreeement has been ratified, Hannah Essex, Co-Executive Director of the BCC, said:

New Figures Show Workforce Growth Expected but Some Sectors Yet to See Signs of Revival

Thu 29th April 2021

The British Chambers of Commerce today released its Quarterly Recruitment Outlook for Q1 2021.