Flooding: Insurance Debate
Full Debate: Read Full DebateDepartment: Department for Environment, Food and Rural Affairs
Lord Campbell-Savours
Main Page: Lord Campbell-Savours (Labour - Life peer)Department Debates - View all Lord Campbell-Savours's debates with the Department for Environment, Food and Rural Affairs
(10 years, 10 months ago)
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Lord De Mauley
My Lords, my noble friend is unique among your Lordships in that he seems to have both ears to the ground at the same time. As I said, we are at an advanced stage in discussions with the insurance industry about the future of flood insurance. We aim to announce future measures shortly to ensure that households can continue to access affordable flood insurance.
Lord Campbell-Savours
My Lords, why should not all policyholders carry the risk? It would mean a very marginal difference in premiums.
Lord De Mauley
Yes, my Lords. We are trying to arrange a system where those at the highest risk who have difficulty affording the insurance effectively have a continued cross-subsidy from wider policyholders. It is a very complicated negotiation, as I think that the noble Lord is effectively pointing out, and we have a lot of interests to keep in mind here.