Flood Re, the joint government and insurance industry scheme that helps make flood insurance available to eligible UK households at risk of flooding, has published its Annual Report and Accounts for the year ended 31 March 2026, revealing that it now supports an estimated 353,000 policies and has helped more than 742,000 households since its launch.
The Scheme also highlighted its strong financial position as it enters its second decade, reporting a profit before tax of £48.8 million for the year ended 31 March 2026.
Invested and liquid assets stood at £1.07 billion, while the Solvency Capital Ratio increased to 324%.
The publication of the Annual Report and Accounts follows Flood Re’s recent announcement of a major package of reforms aimed at better targeting support towards households most in need, strengthening property-level flood resilience and supporting a smooth transition to a sustainable flood insurance market ahead of the Scheme’s planned end in 2039.
According to Flood Re, around 23% of properties ceded during the year had not previously been ceded to it, demonstrating that the Scheme continues to reach new households requiring affordable flood insurance.
During the year, Flood Re also expanded its Build Back Better programme, progressed the development of Flood Performance Certificates to help recognise and encourage investment in property-level resilience, and broadened its work with industry and government to support a more resilient flood insurance market.
Alongside the annual results, Flood Re also announced that Bridget Rosewell CBE will step down from her role as Non-Executive Director and Chair.
Rosewell will remain in post until her successor has been appointed to ensure a smooth and orderly transition.
“During her tenure, Bridget has helped guide the organisation through an important period in its evolution, including its tenth anniversary and the launch of reforms that will shape the Scheme’s second decade. The process to appoint Flood Re’s next Chair is firmly underway, in line with the organisation’s established governance and succession processes,” Flood Re said.
Perry Thomas, CEO of Flood Re, commented, “Flood Re was created to ensure that households at high risk of flooding can access affordable insurance and these results show that the Scheme continues to deliver on that purpose despite a highly challenging external landscape.
“As we enter our second decade, we are building on ten years of success with a stronger focus on resilience and ensuring that support reaches those who need it most. That will help households, communities and the insurance market become better prepared for the future.
“I would also like to thank Bridget for her outstanding leadership as Chair. She has made an enormous contribution to Flood Re and leaves the Scheme in a strong position for its next chapter.”
Bridget Rosewell CBE, Chair of Flood Re, said, “It has been a privilege to serve as Chair during such an important period for Flood Re. I am incredibly proud of what the organisation has achieved over the past decade in helping hundreds of thousands of households access affordable flood insurance.
“Flood Re now enters its next phase with a clear vision, a talented team and a renewed focus on resilience and supporting those who need it most. I have every confidence that it will continue to make a real difference throughout its second decade, as it prepares for the planned transition to a sustainable flood insurance market in 2039.
“I look forward to continuing to support the Board and the organisation until my successor is appointed, ensuring a smooth transition into Flood Re’s next chapter.”
