Reinsurance News

Flood Re welcomes government investment in resilience

14th July 2020 - Author: Matt Sheehan

Flood Re, the UK’s government-backed reinsurance scheme, has welcomed an announcement that the government plans to invest in the country’s ability to tackle the risks of flooding and coastal erosion.

Flood Re LogoThe measures laid out in the proposals include a £5.2 billion investment to create around 2,000 new flood and coastal defences to better protect 336,000 properties in England by 2027

Flood Re also welcomed the specific changes to the scheme, which include giving Flood Re the ability to offer discounted premiums to households that have fitted flood resilience measures to their property, such as airbrick covers or non-return valves.

They will also permit the payment of claims to include an additional amount to Build Back Better, in a more flood resilient way.

The announcement comes just one week after Flood Re urged the government to “build back better” following record flood losses in 2019/20.

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“I welcome the Government’s commitment today to making the nation more resilient to future flooding,” said Andy Bord, Chief Executive of Flood Re.

“Flood Re enables access to affordable insurance for hundreds of thousands of homes at high risk of flooding,” he added.

“We believe it is very important that the country is built back better and making homes more resilient through the uptake of property flood resilience adaptations is a key part of addressing the increasing threat of flooding resulting from climate change.”

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