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
1 August 2023
Bridget Rosewell has been appointed as Non-Executive Director and Chair-Designate for Flood Re, to succeed out-going Chair Mark Hoban. The appointment, subject to regulatory approval, will see Bridget take up the role of Chair at the end of September.
19 July 2023
Reporting on its financial and operational performance for the financial year 2022/2023, Flood Re issued forth a call for government, insurers and consumers to take urgent adaptive action to combat accelerating flood risk.
19 July 2023
The mutual reinsurer has also given an update on the uptake of its Build Back Better scheme.
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.
https://www.abi.org.uk/