Flood Re chief executive Andy Bord has made three key points at the latest session for the risk assessment and risk planning inquiry by the House of Lords Select Committee.
During yesterday’s virtual oral evidence session, Bord asserted that climate change is now a real risk; that the introduction of Flood Performance Certificates (FPCs) should be supported by the government; and that Flood Re continues to make home insurance, for those at risk of flooding, available and affordable.
In the CEO’s view, as climate change is happening now, rather than it being a future occurrence, the way it is discussed must shift and focus should be put on adapting and mitigating climate change-driven flood risk. FPCs, meanwhile, are seen by Flood Re as potentially central to realising the long-term goal of creating a more resilient UK housing stock.
Additionally, it was highlighted that 95% of homes at risk of flooding can now obtain at least 15 quotes for their home insurance, while four out of five policyholders with a prior flood claim have seen savings of 50% or over.
The Parliamentary session, which zeroed in on flooding and insurance, also heard from Association of British Insurers’ Laura Hughes, the Environment Agency’s interim executive director of flood and coastal risk management Catherine Wright, and former Institution of Civil Engineers president Professor David Balmforth.
“It was a valuable opportunity to discuss with leading experts what we believe needs to happen next,” stated Bord. “We need to ensure that we can tackle the growing threat of climate change, improve property flood resilience, and reach a risk-reflective home insurance market by the time the [Flood Re] scheme ends in 2039.
“I hope that the committee and the government find our recommendations both effective and practical – and I look forward to supporting in the implementation of these however we can.”
