Amanda Blanc, head of insurance firm Aviva, has expressed concern that residential construction is proceeding in areas vulnerable to flooding, potentially creating properties that may become uninsurable in future years. She highlighted that current building patterns suggest 115,000 new homes will be constructed in flood-prone zones during the coming decade, questioning the logic of this approach given well-documented flood risk maps.
According to Aviva research, one in nine homes built between 2022 and 2024 face medium to high flooding risk. Projections indicate that nearly a third of new homes constructed in 2024 could experience some flood risk by 2050, with one in seven facing medium to high risk levels as extreme weather patterns intensify. The Environment Agency estimates that approximately 6.3 million homes and businesses in England currently face flooding hazards.
Blanc advocated for more careful consideration of building locations and suggested that properties constructed adjacent to flood zones should incorporate resilience measures. She noted that various modifications can reduce a property’s vulnerability to flooding. The Department for Environment, Food and Rural Affairs responded by stating it has invested record amounts to protect nearly 900,000 properties and indicated that planning reforms will restrict housebuilding in flood-risk areas while supporting a target of 1.5 million new homes.
During the interview, Blanc also addressed pension policy matters, cautioning against government “kite flying” ahead of Chancellor John Healey’s Budget later in October. She noted that speculation regarding pension changes in recent budget cycles prompted abnormally high withdrawal rates, which some pension holders may later regret. Blanc indicated Aviva possesses substantial capital available for UK infrastructure investment and emphasized the importance of clear policy details to facilitate such investments.
Article Attribution | Read More at Article Source
Article summary produced by Claude AI