Half of homes not equipped to deal with extreme weather
AXA chief Tara Foley says their Climate Risk Index reveals areas most at risk as a consequence of increasing levels of extreme weather.
AXA chief Tara Foley (pictured) says her company’s research has laid bare the scale of the challenge facing the UK’s housing stock as global warming leads to an increasing number of extreme weather events
The findings also reveal the climate challenges facing the Labour Government and its ambitious plans to build 1.5m homes before the next Parliament.
The study was compiled using interviews, publicly available information and claims data from AXA’s home and business premises policies.
Greatest risk
The researchers found that flooding is considered to be the greatest threat in the next 10 years (55% of those polled), followed by severe storms (48%) and rising sea levels (47%).
The areas most at risk of flooding are the coastal areas of the East Midlands, Yorkshire and the Humber as well as the Southeast and London, but the Capital is the most vulnerable to the combined risks of flooding and extreme heat.
It is estimated that homes and businesses in England with the highest risk of flooding will be facing costs of at least £818m by 2055.
And despite admitting concerns about climate-related property damage, more than half of those polled said they would be unprepared to deal with the impacts of flooding or extreme heat on their properties.
We must ensure existing homes are resilient and future-proofed, and new properties are not built in flood-prone areas.”
And just under half (48%) said they had never checked if their home insurance covered them for the effects of extreme heat, which can cause cracking and subsidence, but 84% said they would not consider buying a home in a flood risk area.
Tara Foley, CEO of AXA UK & Ireland says: “This report maps out areas in England most at risk from flooding and extreme heat and calculates the associated costs, enabling decision makers to identify where future resources should be targeted and where urgent investment is needed.
“We support the Government’s ambitious housebuilding target but believe we must ensure existing homes are resilient and future-proofed, and new properties are not built in flood-prone areas. This is crucial to protect our future for generations to come.”
