Floods: Insurance

(asked on 16th March 2023) - View Source

Question to the Department for Environment, Food and Rural Affairs:

To ask the Secretary of State for Environment, Food and Rural Affairs, if she will make an assessment of the adequacy of the Flood Re scheme for ensuring that residents in areas of flooding risk have access to insurance.


Answered by
Rebecca Pow Portrait
Rebecca Pow
Parliamentary Under-Secretary (Department for Environment, Food and Rural Affairs)
This question was answered on 23rd March 2023

Prior to Flood Re, research found that 9% of policy holders with a prior flood claim could obtain flood insurance quotes from two or more insurers and 0% could get quotes from five or more. Following the Scheme’s launch, around 96% of households with prior flood claims can now receive quotes from five or more insurers, with most customers getting more than ten quotes. Flood Re is available via more than 85 insurance brands representing 94% of the home insurance market. More than 450,000 properties have benefitted since the scheme’s launch.

The Flood Re scheme is reviewed every five years to ensure that it is efficient and effective. The first Quinquennial Review (QQR) was published by Flood Re in July 2019 and made recommendations to the Government. The next QQR is due in 2024.

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