United Kingdom Description
United Kingdom Description Expanded Info
United Kingdom System Description
Flood Re is a joint initiative of the UK insurance industry and the UK Government to promote the availability and affordability of flood insurance for eligible homes. Collectively, insurers fund the scheme with £180 million each year through payment of a statutory levy. The scheme will be reviewed every five years. Flood Re is currently developing its approach to these quinquennial reviews which will complete in 2021.
Over its lifetime, Flood Re will manage the transition to an affordable and risk reflective market for flood insurance for those households most at risk of flooding.