Researchers say London could become more prone to floods.
Global Banking News-February 8, 2016--Researchers say London could become more prone to floods
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Global Banking News - 08 February 2016
Researchers have opined that London could see more floods in the future, putting severe pressure on flood insurance schemes.
The officials said that high demand for housing in London could lead to higher flood risks, putting added pressure on the government's flagship flood insurance scheme, Flood Re.
Researchers said that the number of households eligible for the Flood Re scheme could rise by as much as 75 percent during its lifespan, as a surge in buildings could increase the likelihood of flooding caused by surface runoff.
Set to launch in April, Flood Re is the government's 25-year plan to ensure that households at high-risk of flooding have access to affordable flood insurance. It is intended to give households and communities time to increase their resilience to more frequent large-scale flood events, before flood insurance moves back to the open market.
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