Flood Re welcomes new insurers to BBB scheme

Three more UK insurers have joined Flood Re’s Build Back Better Scheme.

Covea, Hiscox and RSA have joined initial participating insurers, Ageas, Aviva, NFU Mutual, Lloyds Banking Group (Bank of Scotland, Halifax, and Lloyds Bank home insurance products) and LV= General Insurance.

Speaking at the World Climate Summit in Sharm El-Sheikh today, Andy Bord (pictured with Alok Sharma), Flood Re’s CEO, said: “UK insurers are leading the way in helping householders adapt to climate change, since COP26 insurers have turned their ambitions into action by joining the Build Back Better scheme. Today I am delighted to welcome Covea, Hiscox and RSA to this important initiative. To have already secured the commitment of around 60% of the UK’s property insurance market with 8 of the UK’s major insurers, stands testimony to the commitment of the insurance industry to do what it can in the wake of climate change and really make a difference to customer outcomes."

Bord said the organisation was confident that the new scheme will soon be a standard offering within UK home insurance policies.

“The recent extreme weather across the UK this year has served to underline the impact that changing weather patterns are having in the UK, with one in four UK properties now predicted to be at risk of flooding from climate change," he added. "Increasing the resilience of the UK’s housing stock and reducing the trauma experienced by those being flooded has never been more prescient.”

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