Flood Re is pushing for a ‘build back better’ approach after reporting gross claims costs of £160m for 2019/20. The payouts for 2019/20 are ten times higher than the previous year.
This week, Flood Re chief executive Andy Bord, emphasised the need for any COVID-19 recovery plan to ‘build back better’ and for continued and sustained investment in flood-risk management strategies.
In a public statement, he said: “Flood Re has had a significant impact on the affordability and availability of home insurance with more than 300,000 households in the UK who are at risk of flooding directly benefitting from the Scheme.”
He added: “This year has been significant in many ways. We have seen the first major flooding events since our launch in 2016 as well as having to adapt to the COVID-19 pandemic. In these unprecedented times, the country must build back better, developing a recovery plan that creates sustainable and resilient foundations for the future.
“For those at risk of flooding, it is critical that investment in flood mitigation strategies be maintained.”
Many of the losses came from Storms, Ciara and Dennis, which caused widespread flooding across the UK. Between November 2019 and February 2020, thousands of homes were flooded in South Wales, Northern and Central England and the Scottish Borders.
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