April 2014
Featured in this insight: Central government & non-department public bodies, Financial services, Local & regional government, Water
Survey finds British public unwilling to pay for flood protection: According to a recent PwC poll, more than a quarter (27%) of Brits are not sure whether or not they have any insurance protecting or covering their homes if it were to be flooded. Additionally, more than one third of British adults (37%) would not be willing to spend anything on protecting their home from potential flood damage at any point in the future.
PwC stated that responses to the survey indicate that experiences in the US and Australia of incentivising the public to adapt their homes “could play a part”.
Among respondents, one in ten (9%) say they would take action and install extreme weather defences if tax back or tax credits were available, while 15% would get them installed if local government support was available.
A further 12% said they would install such defences if their insurance company subsidised it, or 15% if it reduced their insurance.
Just 1% of those surveyed reported already having installed extreme weather defences in their homes.
Mohammad Khan, insurance partner at PwC, said:
"These findings show that while the majority of people do value having appropriate insurance in place, a huge number of people still aren't going the extra step and purchasing policies.”
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