United Kingdom
United Kingdom Title
Flood Re
United Kingdom Description
Flood Re is a re-insurance Scheme that makes flood cover more widely available and affordable as part of your home insurance.
Flood Re helps households at the highest risk of flooding. We also provide information about taking action to reduce flood risk. Flood Re will run for 25 years, at which point insurers should be offering policies based on actual risk to property.
United Kingdom News and Events
News and Events
7 March 2024
The British Insurance Brokers’ Association (BIBA) has welcomed Flood Re as a partner, the first public body to join the association.
Flood Re is a joint initiative between the Government and insurers. Its aim is to make the flood cover part of household insurance policies more affordable.
BIBA and Flood Re have worked together on a number of initiatives including the launch of the Flood Insurance Directory, with the ABI, two years ago. More recently Flood Re has helped BIBA bring information and training about Build Back Better to BIBA brokers through a series of webinars.
13 February 2024
We have been announced as one of the Top Insurance Employers in the UK by Insurance Business UK (IBUK) for a second year running.
1 December 2023
A joint study by Moody’s RMS, the risk modeling and solutions company, and UK flood reinsurance scheme Flood Re, warns of the limitations of current flood defences in the face of climate change, and calls for the UK to invest further.
1 August 2023
Flood Re has appointed Bridget Rosewell CBE, FICE, MA, MPhil as non-executive director and chair, subject to regulatory approval.
United Kingdom Statistics
- Before Flood Re, 5.3m UK households were at risk of flooding and 9% of households who had made previous flood claims could get quotes from two or more insurers while 0% could get quotes from 5 or more insurers.
- By October 2018, availability had improved so that 100% could get quotes from two or more insurers. 81% of households could get quotes from 10 or more insurers.
- Since the introduction of the Scheme, four out of five householders have seen a reduction in the price of available quotes of more than 50 percent.