Aviva CEO: We're Building Uninsurable Homes

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The boss of Aviva, Britain's biggest insurer, has warned that some homes being built today could eventually become impossible to insure because of flood risk. Speaking to Sean Farrington, Dame Amanda Blanc said Britain is continuing to build homes in areas exposed to flooding, despite the growing threat from climate change. Aviva estimates 6.3 million UK homes are already at risk of flooding, a figure it expects to rise to 8 million by 2050. She said insurance works by spreading risk across large groups of people, but once flooding becomes almost certain, cover becomes much harder to provide. She questioned why thousands more homes are still being built in flood-prone areas and called for greater care in planning decisions. Dame Amanda also used the interview to send a message to the Chancellor ahead of the Budget, urging ministers not to fuel speculation about changes to pensions. She said rumours before last year's Budget led many savers to make decisions they later regretted. The conversation also covers whether pension funds should invest more in UK infrastructure, the cost of regulation, why millions of people are not saving enough for retirement, and what businesses need from government to drive growth. And, after a turbulent period at BP, where she is stepping down from the board, Dame Amanda explains why she has no intention of discussing the oil giant's recent troubles. Presenter: Sean Farrington Producer: Olie D'Albertanson Editor: Henry Jones 01:55 Chancellor's speech and the end of coal mining 05:30 Aviva's £100bn UK investment and new industry 09:00 Heathrow third runway and backing big projects 11:20 Budget warning on pensions speculation 14:25 15 million people not saving enough for retirement 20:00 Are insurance premiums working for customers 22:39 Rising flood risk 25:40 Homes that could become uninsurable 26:57 Super El Niño and preparing for extreme weather 28:54 The Aviva turnaround 36:31 BP board exit and questions on leadership 45:15 Welsh Rugby Union and governance 50:10 Sexist comments at her first AGM 52:17 Opportunities for young people and business as a force for good