The latest data from the UK’s government-backed reinsurance scheme, Flood Re, shows that as at September 30th, 2017, the number of policies benefiting from Flood Re increased to 142,000.
Flood Re aims to make flood insurance more accessible to property owners in the UK, and its latest data reveals that 77,000 policies were written from March 31st to September 30th, 2017, taking the number of policies benefiting from the scheme to 142,000.
Flood Re’s Chief Executive Officer (CEO), Andy Bord, said; “18 months after its creation, it is clear that Flood Re has changed the home insurance market. 142,000 at risk households have accessed more affordable home insurance and we are proud that the Scheme is helping so many people whose lives have been devastated by flooding.
“There has been a continued improvement in both the availability and affordability of home insurance for those with prior flood claims, as well as those who have not yet been flooded but are in ‘at risk’ areas.”
Prior to Flood Re, just 9% of householders who had made prior flood claims could get quotes from two or more insurers, with none being able to get quotes from five or more insurance companies. However, since Flood Re’s introduction and by October 2017, 100% of households who had made prior flood claims could get quotes from two or more insurers, with 93% of these households being able to get quotes from five or more insurers.
At the same time, Flood Re reveals that four out of five of households with a prior flood claim saw rate reductions of over 50%.
“Over the coming months we will be looking at further ways of raising awareness of the benefits of Flood Re in flood-prone parts of the country and opening up channels to new customers, for example through brokers. My message to those in flood-prone areas is – the benefits are clear so don’t hold back; people should speak to their current insurer and be prepared to shop around to obtain the best policy,” said Bord.