According to Wales Online, Welsh homeowners and businesses in high-risk flooding areas could be left without insurance unless the UK Government bows to industry calls to offer subsidies to the most vulnerable properties, it has been warned.
The Association of British Insurers (ABI) spokesman Malcolm Tarling said: "If we cannot reach some kind of agreement in terms of how we can best protect those who are most at risk of flooding then there could inevitably be some people who are effectively priced out of flood insurance."
Mr Maddox, a 46-year-old businessman, declared: "We’ve had regular floods, but we’ve always known it was coming so we’ve moved everything out of danger and never had to claim. But we see [insurance] as a necessity because one day something bad is going to happen and if we did flood when we weren’t ready for it that could obviously cost us a considerable amount of money."