The of British Insurers (ABI) said the extra government spending was needed to counter an increased risk of flood.

The group added that nearly 600,000 UK homes were at risk of flood.

Insurers will only continue to offer flood insurance to consumers if “defences are kept up to an adequate standard”, the ABI warned.

The most recent estimate of the number of homes at risk of flood is much higher than the government’s original estimate of 220,000.

Future government expenditure on flood defences is based on this lower estimate, set in 2002.

The ABI argues that because many more homes are at risk of flood than were estimated in 2002, then government expenditure needs to rise at a faster pace.

“The new, higher estimates of homes and businesses at risk means that the government needs to invest more in flood defences,” Stephen Sklaroff, ABI deputy director general, said.

“This makes good economic sense for home owners, businesses, and the taxpayer.”

In 2005, insurers promised they would continue to insure at-risk where new flood defences would be in place within five years, the ABI said.