AXA UK has announced that it has signed up to Flood Re’s Build Back Better scheme.
Launched in April 2022, the Build Back Better scheme is a joint initiative between the UK insurance industry and the UK Government to promote the availability and affordability of flood insurance.
By singing up to the scheme, this will now allow AXA UK to offer relevant customers access to reimbursement costs of up to £10,000 over and above work to repair damages and loss that are caused by floods.
With the addition of AXA UK, the scheme has now gained the support of 64% of the UK’s residential property insurance market. In November 2022, leading UK insurers, Covea, Hiscox and RSA all signed up to the scheme. AXA UK now joins those insurers as well as, Ageas, Aviva, NFU Mutual and Lloyds Banking Group on the ground-breaking scheme.
Tara Foley, CEO, AXA Retail UK, confirmed the insurer’s participation during a special roundtable event in Parliament focused on the role of flood prevention and increasing resilience within the levelling up agenda.
“As we adapt to climate change and extreme weather events become more frequent in the UK, it is vital that insurers support customers in protecting their homes against flood risks. Damage caused by flooding can have a devastating impact on the lives of those affected and more needs to be done to protect vulnerable communities and help those who have been impacted return to their normal lives more quickly,” said Foley.
“Build Back Better is an important step towards strengthening flood resilience and I’m very pleased that AXA UK has become a participating insurer in this revolutionary scheme to reduce the impact of future flooding and help customers in at-risk areas. By placing resilience at the heart of housing and building policy, the insurance industry can collectively reduce the UK’s vulnerability to extreme weather events and help communities reap the benefits of a safer, better-planned built environment.”
“I am delighted that another major UK insurer has come on board. Investing in property level flood resilience measures is proven to lessen the impact of future flooding and enables householders to return to their homes sooner. This will significantly reduce the stress and trauma associated with flooding. It also part of the UK’s response to changing climate,” added Dermot Kehoe, Director of Communication and Transition at Flood Re.
“Build Back Better is less than a year old so it is really encouraging to see the support of the vast majority of the UK’s property insurance market so quickly. I believe we are well on the way to establishing Build Back Better as a standard offering within UK home insurance policies.
“The Flood Re scheme will end in 2039, and the Build Back Better scheme will play a key role – along with other measures and government investment in flood defenses – to ensure the UK will be able to manage the effects of climate change and increased flooding.”
