Flood Re has welcomed UK government plans to consult on proposals to provide further support for flood resilience measures, including changes to the reinsurer’s own operations.
A consultation was launched yesterday on the proposals, following the widespread flooding caused as a result of Storms Bella and Christoph.
The proposed changes, first announced in Flood Re’s Quinquennial Review (QQR) in July 2019, include giving the government- and insurance industry-backed reinsurer 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.
The changes would also permit the payment of insurance claims to include an additional amount to help householders rebuild in a more flood-resilient way.
These amendments will help to improve the effectiveness and efficiency of the Flood Re scheme and will ultimately assist in its transition out of the market by 2039, according to the reinsurer.
Andy Bord, chief executive of Flood Re, says: “I am delighted that the government is bringing forward our QQR proposals to consultation.”
“The changes proposed should help build a more resilient housing stock by increasing the uptake of property flood resilience adaptations and address the increasing threat of flooding resulting from climate change.”
“I encourage all relevant parties to join us in contributing to the consultation and hope that the proposals get the strong support we expect for the benefit of flood-prone communities across the UK.”