Efforts to bolster Property Flood Resilience (PFR) and support Build Back Better (BBB) initiatives are gaining momentum among insurance brokers, according to discussions at the British Insurance Brokers’ Association’s (BIBA) recent Tour of the Regions. Nearly 800 brokers from across England, Scotland, Wales, and Northern Ireland participated in the autumn roadshows, where interest in reducing flood risks and improving resilience was a central theme.
The sessions underscored the growing engagement with Flood Re’s initiatives, which aim to mitigate the impact of flooding on policyholders. With 12 named storms battering the UK last winter—causing significant flooding in over 4,000 properties—flood mitigation remains a pressing issue for brokers and the wider insurance market, a news release noted.
At the events, brokers explored various aspects of flood risk management, including the mechanics of the Flood Re scheme, the Build Back Better initiative, and the potential role of Flood Performance Certificates (FPCs). Discussions also highlighted the need for insurers to provide clearer information on electronic household insurance policies, particularly regarding Flood Re and BBB.
Graeme Trudgill, CEO of BIBA, emphasised the importance of broker involvement: “It was clear that our members are increasingly interested in helping their clients address issues around flood and how to help mitigate its impact. BIBA, for its part, will also continue to promote the benefits of flood resilience, and in particular Build Back Better, in the coming year, the issue remaining one of our key manifesto commitments.”
Launched in July 2022, the BBB initiative aims to reduce future flooding costs by incorporating PFR measures into repairs. Under the program, policyholders can invest up to £10,000 in PFR measures while restoring their homes after a flood.
Kelly Ostler-Coyle, Flood Re head of communications, highlighted the programme’s importance. “We were delighted to see such a strong interest from brokers about Flood Re and our recent initiatives, with the issue of flooding being brought into sharp relief again this month following storms Bert and Darragh,” she said. “We know that education around PFR in particular is critical for the success of the Build Back Better scheme, which has a major role to play in helping improve resilience to future flooding and we will be using the feedback to develop new targeted education and communication materials for the insurance market.”
Flood Re is also advancing the development of FPCs. Similar to Energy Performance Certificates, these documents would assess a property’s flood resilience and recommend upgrades. Proponents argue that FPCs could enhance the uptake of PFR measures, influence property values, and reduce insurance premiums.
Flood Re, launched in 2016, helps ensure affordable flood insurance for UK households by letting insurers transfer flood risks at costs tied to council tax bands. The scheme has benefited around 500,000 homes, with 80% of previously flood-affected properties seeing premiums cut by over 50%. It holds an A rating with a “stable” outlook from Standard and Poor’s.
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