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
4 October, 2021
The insurance industry has a critical role to play in educating the public and raising awareness around flood risk, according to Andy Bord, CEO of UK scheme Flood Re.
16 June, 2021
A joint report published today by the Association of British Insurers (ABI) and Flood Re ahead of the government’s consultation on its comprehensive spending review highlights the vital need to maintain the UK’s flood defences in good condition.
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/