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Flood defence money 'falls short' Flood defence money 'falls short'
(20 minutes later)
Money for flood defences announced by Alistair Darling falls well short of the amount needed, UK insurers say. Money for flood defences announced by the chancellor in the Comprehensive Spending Review falls well short of the amount needed, UK insurers say.
The Association of British Insurers (ABI) says the £800m pledged by the chancellor is less than it was asking for even before the summer floods. The Association of British Insurers (ABI) says the £800m pledged is less than it needed, even before the floods.
The ABI spoke as the Environment Agency head prepared to face a grilling from MPs over the handling of the floods.The ABI spoke as the Environment Agency head prepared to face a grilling from MPs over the handling of the floods.
Large swathes of south-west England, the Midlands, Yorkshire and Humberside were left under water this year.Large swathes of south-west England, the Midlands, Yorkshire and Humberside were left under water this year.
Rising costsRising costs
ABI chief executive Stephen Hadrill said the money pledged in Tuesday's Comprehensive Spending Review was so low that it could lead to a review of insurance services in the UK. ABI chief executive Stephen Hadrill said the money pledged by Alistair Darling in Tuesday's Comprehensive Spending Review was so low that it could lead to a review of insurance services in the UK.
He said the insurance industry could not keep providing flood insurance at significant loss.He said the insurance industry could not keep providing flood insurance at significant loss.
On Monday, the AA said home insurance costs had risen at their fastest rate since 1994 as a result of the flooding.On Monday, the AA said home insurance costs had risen at their fastest rate since 1994 as a result of the flooding.
Buildings premiums jumped by 3% in the past quarter, reflecting the estimated £3bn cost of flood damage across much of the UK in June and July.Buildings premiums jumped by 3% in the past quarter, reflecting the estimated £3bn cost of flood damage across much of the UK in June and July.
Drainage questionsDrainage questions
Meanwhile, Environment Agency chief executive Baroness Young is expected to get a rough ride later when she is questioned by MPs.Meanwhile, Environment Agency chief executive Baroness Young is expected to get a rough ride later when she is questioned by MPs.
She will be asked by the Environment, Food and Rural Affairs Committee what more could have been done to help communities.She will be asked by the Environment, Food and Rural Affairs Committee what more could have been done to help communities.
They will also ask what lessons have been learned for the future.They will also ask what lessons have been learned for the future.
Committee chairman Michael Jack said he and his colleagues had received an unprecedented level of submissions on the floods that left thousands homeless, tens of thousands without power and hundreds of thousands without water.Committee chairman Michael Jack said he and his colleagues had received an unprecedented level of submissions on the floods that left thousands homeless, tens of thousands without power and hundreds of thousands without water.
He said the committee would be looking carefully at the co-ordination between the many bodies - including the Environment Agency - which are charged with looking after drainage.He said the committee would be looking carefully at the co-ordination between the many bodies - including the Environment Agency - which are charged with looking after drainage.