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
Flood Re welcomes the Government’s announcement that over £62 million in funding will be awarded to 13 projects to improve flood defences across Yorkshire, Cumbria, the North East and the South East of England.
These projects should provide protection for more than 9,000 homes, many of which are in communities which suffered from flooding during winter 2015.
In July 2018, Flood Re published its Transition Plan setting out its long term vision. Flood Re is working actively with the insurance industry and stakeholders to secure an affordable and risk reflective market by 2039.
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/