Flood Re, which will enable insurers to offer competitive premiums and lower excesses to high flood risk homes across the UK, has launched. Owned and funded by the insurance industry, the unique scheme has secured £2.1bn in reinsurance cover.
“I am delighted to announce that Flood Re is now live and ready to accept policies,” commented Brendan McCafferty, chief executive of Flood Re. “We have been working tirelessly to ensure we’re ready so that consumers can start benefitting from greater choice and more competition in the insurance market. This should make flood cover more affordable and accessible to those in high flood risk areas over time.
“Consumers should check the Flood Re website to see which insurers are signed up, speak to their current insurer and be prepared to shop around. When buying a policy they should make sure it is the best one for them, not just the cheapest.”
It is hoped that Flood Re will help an estimated 350,000 households in the UK at risk of flooding. A temporary solution until the industry can develop more reflective pricing, Flood Re is not designed for businesses and has a finite life of 25 years.
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