The study reveals that over half of respondents feel unprepared to handle potential flooding or heat-related damage to their properties.
The comprehensive research combines publicly available data with AXA UK’s claims records from home and business premises insurance policies. Its findings underscore the challenges posed by climate risks to the Labour Government’s goal of building 1.5 million homes before the next parliamentary session.
Key insights reveal that London ranks highest for vulnerability to both flooding and heat damage. Sheffield is identified as particularly at risk of flooding, while Bristol and Birmingham are flagged for heat-related risks.
AXA UK’s report not only identifies areas at greatest risk but also provides actionable recommendations to support the Government in meeting its housing targets. It offers a roadmap for mitigating the impacts of extreme weather and ensuring resilient development in regions prone to climate-related challenges.
The findings are expected to spark further dialogue on climate resilience in urban planning and housing policy as the UK continues to grapple with the effects of a changing climate.
Tara Foley, CEO of AXA UK & Ireland, said: “We know that behind every headline about extreme weather is a human story, and at AXA UK we want to protect our customers from the impact of climate change and help them prepare for the future.
“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.”
The key findings of the report are:
- Flooding is perceived to be the greatest risk in the next 10 years by 55% of those polled, followed by severe storms (48%) and rising sea levels (47%).
- London is most vulnerable to combined climate risks of flooding and extreme heat.
- Coastal areas of the East Midlands, Yorkshire and the Humber, as well as areas in the Southeast and London, are most vulnerable to flood risks.
- Homes and businesses in England with the highest chance of flooding face at least £818m in financial costs by 2055.
- Despite admitting having concerns about climate-related property damage, more than half (52%) of those polled said they would be unprepared to deal with the impacts of flooding or extreme heat on their property.
- Nearly half (48%) of those polled said they had never checked if their home insurance covered them for the effects of extreme heat, which can cause cracking and subsidence.
Following publication of the report, AXA UK is making several recommendations to the UK Government, including calling for the appointment of a Minister for Resilience to focus on these critical issues. Other key recommendations are avoiding building homes in high flood risk areas and encouraging and supporting home and business owners to protect their properties against flooding and heat damage.The full report can be found here.
