Insurance Companies Bemoan Government on Floods
Despite a huge numbers of people losing their possessions and houses (and some their lives) to the recent floods in the UK, insurance companies are moaning about the cost of floods.
The Association of British Insurers has written to the government to ask for increased flood protection. Now this further pressure is a good thing in that the governement do need to wake up on this and do something about flood risks. However, the motives will be purely selfish from insurers.
Not happy with charging a fortune for all kinds of insurance, they will continue to maintain profit margins by increasing premiums from the recent floods. The government should take a closer look at regulating insurance companies and the price hikes associated with increased claims.