laws and policies
1961
Flood insurance available
In 1961, the insurance industry agreed a voluntary guarantee of flood insurance for all, with a cap on premium levels, to stave off the risk of nationalisation, and this has artificially distorted the market ever since.
For example it has allowed buyers to get insurance, and therefore a mortgage, even in flood hazard areas.
The 1961 guarantee expired at the end of 2002, and was replaced by the
ABI’s “Statement of Principles”,
Further reading
Flood insurance
Association of Britisch Insurers