The establishment of Flood Re has enabled insurers to offer competitive premiums and lower excesses to high flood risk homes across the UK. Six months after launch, the number of insurance providers signed up to support the scheme is now at 41, a 156% rise from the 16 which were on board on 4 April. Those 41 insurance providers represent 90% of the overall home insurance market.
Brendan McCafferty Chief Executive of Flood Re, said: "Six months after launch we are pleased with the progress that has been made. Those customers with the 53,000 policies backed by Flood Re are now able to access more affordable cover, having previously been, in many cases, locked out of the market. The Environment Agency says that millions of people across the country are at risk of flooding and these people now have peace of mind that if the worst happens they will be able to benefit in future.
“However we know that lots more needs to be done to ensure that as many people as possible are able to access more affordable home insurance cover. As the weather begins to turn and the threat of flooding increases, consumers should check the Flood Re website to see which insurance providers are participating and find out more about the Scheme. They should speak to their current insurer and be prepared to shop around as the market is becoming increasingly competitive. When buying a policy, people in flood-prone areas should make sure it is the best one for them and not just the cheapest.”
James Dalton, Director of General Insurance Policy, Association of British Insurers said: "Flood Re shows the insurance industry’s commitment to making sure affordable home insurance is accessible, even to those at high flood risk. Insurers have invested substantial time and money on the development of Flood Re so it’s encouraging to see that only six months in there are already 50,000 households benefitting. Flood Re’s benefits will continue to expand over time and we would encourage those who haven’t done so already to shop around to see how the new competitive market can help them.”
Mary Dhonau, Chief Executive of Know Your Flood Risk campaign group said: “Flood Re has offered thousands of people light at the end of a very dark and tough tunnel! I am delighted that so many people have benefitted from Flood Re so far!”
|
