Leading insurers have written to Chancellor George Osborne saying it is critical that he finds another £500m for flood defences.
They say that the money spent by government after the recent floods was spent repairing infrastructure and not on new defences.
Aiden Kerr, head of property at ABI, said that investment in defences was needed if the government’s Flood Re scheme was to be sustainable.
The independent Committee on Climate Change estimates that a further 250,000 homes will be exposed to ‘significant risk’ from flooding by 2035 unless the funding gap is filled.
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