Reinsurance News

Flood Re welcomes flood-resilience targets

8th February 2021 - Author: Katie Baker

State-backed reinsurance scheme Flood Re has welcomed a report published by the Environment, Food and Rural Affairs (EFRA) Select Committee, which calls for clear flood-resilience targets.

Flood Re LogoIt explored different measures to help tackle flooding, which include continuing investment in new and maintenance of existing flood defences, as well as improvements in property flood protection, to enhance the UK’s resilience to flooding.

Flood Re has expressed its support to the published measures, noting that there’s a need to make a clear statement of ambition to ensure the nation’s resilience to flooding, given the UK will experience a continuous flood risk.

Andy Bord, Chief Executive of Flood Re, said: “We welcome the EFRA Select Committee’s recognition that severe weather events have already become the rule and not the exception in the UK. They are right to highlight the need for long-term funding to maintain existing, as well as new, flood defences.”

He argued that whilst defences are important, they are only part of the solution to the long-term challenges posed by climate change.

“The Committee’s report highlights the fact that a ‘step change is needed in promoting the uptake of appropriate property flood resilience measures’,” he added.

Flood Re believes its proposals for Flood Performance Certificates can play an important role by providing information to homeowners on flood risk and potential resilience measures.

Bord continued: “To complement these measures on individual properties, it is vital that the planning system works effectively at a local level to ensure that development does not take place in areas at risk of flooding.

“In the year that COP-26 comes to the UK, the Committee’s report is an important contribution to the ongoing debate of how best to mitigate the impact of flooding – one of the most damaging manifestations of climate change.

“As the Government has already shown leadership in its commitment to achieving net zero carbon emissions by 2050, the UK likewise has an opportunity to promote place-based resilience and support economic growth as a world leader in adaptation with the adoption of appropriate resilience standards.”

Print Friendly, PDF & Email

Recent Reinsurance News

Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.

  • Only email is mandatory, but the more you tell us about yourself the better we can serve you in future!
  • This field is for validation purposes and should be left unchanged.

By submitting the form you are giving your consent to be emailed by us.

Read previous post:
Talanx announces FY20 income of €673mn as COVID claims hit €1.5bn

Talanx, the parent of major reinsurance company Hannover Re, has announced that, based on preliminary unaudited consolidated figures, it has...