A joint agreement on flood risk in Northern Ireland has been reached between the Government and the Association of British Insurers (ABI).

The agreement to a Statement of Principles (SoP) will help ensure flood insurance remains affordable and as widely available as possible, the government said.

The Government has made various commitments to improve flood risk assessment and reduce flood risk, particularly after heavy rainstorms, and prevent inappropriate development in flood risk areas.

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"Insurers have committed to continue to provide flood insurance cover for the vast majority of customers," said a Rural Affairs Department spokesman.

"This provides the people here with the same benefits as those in other devolved administrations where similar agreements are already in place."

The SoP will only apply to existing property and will be reviewed annually.

It is anticipated that the SoP will remain in place until 2013.

(PR/BMcc)