Andy Bord, the current interim CEO at Flood Re, has been appointed to the position permanently, subject to regulatory approval.
Bord is an experienced business leader with strong insurance and consumer expertise. Formerly CEO at Capita Insurance Services he has also worked for Staysure, BGL Group (owners of CompareTheMarket) and Vodafone.
Mark Hoban, chairman of Flood Re, said: “I am delighted that Andy will lead Flood Re into its second year and beyond.
“Andy has the decisive combination of experience operating at Chief Executive level coupled with a good knowledge of the insurance sector. His work in complex regulated environments along with his strong consumer insight is particularly relevant as we continue to ensure that as many people as possible benefit from the scheme.
“Andy is not only passionate about Flood Re’s mission, but also has the necessary leadership skills required to build on Flood Re’s foundations and take the organisation from strength to strength.”
Bord said that it was a privilege to be staying with the re-insurance scheme which he said had already made a real difference to the lives of tens of thousands of people across the UK.
“I am excited to be taking the scheme forward, working with policymakers across the UK, the insurance industry and local communities so we continue to ensure access to more affordable flood insurance.”
Flood Re, a world first, was set up to help people living in areas at risk of flooding to access affordable flood insurance. New independent research, commissioned by Flood Re, shows that on its first anniversary people who were unable to get flood cover now have much more choice.
Before the introduction of Flood Re, only 9% of householders who had made prior flood claims could get quotes from two or more insurers, with 0% being able to get quotes from five or more. In the scheme’s first month in operation, this number rose dramatically to 68% of these households being able to get quotes from five or more insurers.
By December 2016, this increased further so that 84% could get quotes from five or more insurers while 95% could get quotes from two or more.
Currently, 58% of those households that had previously made flood claims now have access to ten or more quotes.
At launch, 16 insurance providers were signed up to the scheme and this has now increased to 60 insurers, representing 90% of the home insurance market.