Localised flooding continues in the north west of England after the Environment Agency issued 46 severe flood warnings in the wake of Storm Desmond.
Prime Minister David Cameron chaired a COBR meeting this morning, and flood minister Rory Stewart has been in Cumbria since Saturday, meeting those affected and assessing the situation on the ground.

“Flood defences protected 8,600 homes across the north of England and, in thousands of other instances, provided vital time for homes and businesses to be evacuated as well as reducing the impact,” Environment Secretary Elizabeth Truss said. “However, unprecedented rain and river levels mean we have seen water overtopping defences in places.

“Overnight, engineers have managed to restore power to thousands of homes, but many are still without electricity and I’d like to pay tribute to engineers who are working round the clock to get things back to normal, along with the emergency services and agencies who have been providing assistance across flooded areas.”

Jon Williams, partner in PwC's sustainability and climate change team and a specialist in financial services and investment issues said the floods in the UK bring into sharp focus the need for a durable climate deal in Paris this week.

“Severe and unpredictable weather is likely to become far more frequent as our climate changes, and the economic and social costs will far outweigh the investment needed in flood protection infrastructure,” he said. "With the fiscal constraints that the UK government currently faces, the role of the private sector has never been more important. Whether it is financing flood defences or innovative insurance solutions, such as Flood Re, cooperation between public and private institutions is needed to accelerate overdue action to protect assets and communities from the impacts of extreme weather."

With flood alerts and warnings still in place for many areas of the North of England, PwC’s head of general insurance Mohammad Khan, said the destruction wrought by Storm Desmond in many parts of the UK overcame the flood defences that have either been built or upgraded over the past few years.

"We have had relatively benign weather over the last few years and so can easily forget how weather-related events can affect us in the UK,” he said. “Generally speaking, given the latest climate change models, we expect the frequency of extreme weather events affecting households in the UK to increase over time.

"What Storm Desmond highlights is that we need to keep investing in defences against natural catastrophes to minimise the damage that can be caused by extreme weather events. It also highlights the need for an insurance mechanism such as Flood Re which will come into place next year, so that when a natural weather event hits UK households, they have insurance cover in place to be able to help with the financial burden. Small businesses in flood affected areas need to ensure that they have either sufficient insurance cover in place or capital to cover the impact of a weather event should it occur.

"Households and businesses in flood affected areas can take steps to minimise the damage that floods and storms do to their properties. Usually this involves a degree of investment – between £5,000 to £40,000 which is not insignificant. However, by making this investment households and businesses can minimise both the potential damage and the time taken to move back into a property after a flood or storm has occurred."

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