As many as 900,000 retirees will be at risk of annual flooding by 2050 and 175,500 will have inadequate or no insurance, according to analysis by PensionBee.

The provider warned that this could lead to “catastrophic repair and replacement costs, permanent damage to homes, and even homelessness” for retirees, highlighting climate change as the driver behind the issue.

PensionBee added that it was people on lower incomes are likely to be worst affected by flooding as they are more likely to live on flood plains in rural areas, in densely crowded urban areas with poor water drainage, and in temporary accommodation close to the coast.

As such, its research found that 189,000 of the most vulnerable pensioners, who were the least likely to have insurance, would be at risk of dealing with an annual flood by 2050.

The firm also pointed out that Flood Re, a joint initiative by the government and major insurers which aims to make flood insurance more affordable, excludes homes built after 2009, leading PensionBee to estimate that 361,000 over-65s are excluded from the scheme.

It noted that this would have a disproportionate impact on low-income households, as new homes built in poorer areas already face a higher risk of flooding than those built in more affluent areas.

PensionBee chief engagement officer, Clare Reilly, commented: “The direct impact of climate change on housing and safety will have the worst impact on the livelihoods and wellbeing of people with low incomes.

“Our latest data helps to further demonstrate the urgent, direct link between climate catastrophe and retirement poverty. Policymakers must create inclusive support systems to protect everyone, especially those who are most vulnerable and live in flood prone areas without adequate insurance.”

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