Posted & filed under Community Resilience, In The Press, Insurance, insurance - Flood Re.

On the 1st October 2018, FloodRe announced that from the 1st January 2019, they will be reducing the levy they charge to insurance companies. It is believed the upcoming reduction will result in a reduction in the cost of flood insurance cover for those living in areas of the UK that have a significant risk of flooding.

To help make insurance policies more affordable, FloodRe was set up as a joint initiative between the government and insurers. This was to make reinsurance for flood risk available to insurers that underwrite the insurance policies for homes in the UK. The cost of reinsurance is set according to the council tax band of a property and provides a subsidy to the premium associated with properties that have a significant risk of flooding. To meet the costs of this subsidy, a levy is paid by insurers. The levy allows FloodRe to purchase reinsurance and build up funds during quiet periods so that it can withstand a large loss from time to time.

A potential reduction in insurance costs for households in flood-prone areas

Flood Re – New insurers on board

Posted & filed under Blog, Insurance, insurance - Flood Re.

New insurers have become accredited to offer Flood Re including Ageas, Oak and Allianz. Check out Flood Re insurer page to see the list of insurers that are signed up to provide Flood Re to homes across the UK. Full list of insurers here Flood Re in action Flood Re is keen to hear how… Read more »

Flood Re starts – 4th April 2016

Posted & filed under Community Resilience, insurance - Flood Re.

Flood Re should make it easier for people in flood-risk areas to get affordable household insurance. Thousands of homeowners and residents currently struggle to get buildings and contents insurance which creates anxiety, stress and frustration.  The National Flood Forum has been working with government and the insurance industry for several years to come up with… Read more »