The government has launched a consultation into proposed changes to Flood Re, in a move embraced not only by the scheme itself but also by the British Insurance Brokers’ Association (BIBA).
Designed to improve Flood Re’s efficiency and effectiveness, as well as to accelerate property flood resilience (PFR) measures uptake, the changes being considered include offering discounted premiums to UK households that install PFR measures such as flood barriers, air brick covers, or flood-resistant wall coatings.
If the recommendations get the green light, claimants also stand to receive an additional amount aimed at helping policyholders ‘build back better’. Additionally, the consultation will look at whether Flood Re premiums should be reduced further.
“I am delighted that the government is bringing forward our QQR (quinquennial review) proposals to consultation,” stated Flood Re chief executive Andy Bord.
“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.”
Bord also called on all relevant parties to join in by contributing to the consultation.
BIBA, meanwhile, has tapped its property committee to lead the work on the trade body’s response.
Commenting on the development, BIBA executive director Graeme Trudgill said on LinkedIn: “This is a very welcome new government consultation that goes to the heart of what we have been saying about flood resilience in our Manifesto. It aims to improve the availability and affordability of flood insurance for UK households at high flood risk.”
Aside from the Flood Re consultation, the government also published a call for evidence that will examine possible changes to its flood funding formula. The call for evidence will explore how the government can strengthen its flood and coastal defence investment programme.
