Flood Re annual report urges industry to “build back better”

Flood Re backed 218,090 policies in the year ending 31st March 2021, an increase of 11% on the previous year. As it plans towards exiting the market in 2039, Flood Re highlighted the need for insurers to embrace a “build back better” strategy when settling flood claims, to increase the resilience of properties to subsequent flooding.

Andy Bord, CEO, Flood Re, said: “This year will thrust climate change and its consequences even further into the spotlight. There is an urgent need for preventative action and measures to adapt to a warmer planet. The insurance industry must support the rollout of ‘build back better’ to ensure that homes prone to flooding are adapted to protect them against the full impact of future flood damage.”

He added: “But it doesn’t stop there. The Government needs to promote planning policies that do not make the problem worse. The public needs to be made more aware of the risks of climate change and flooding to bring about the behavioural changes we need to see.”

Since Flood Re launched in 2016, it has provided backing for a total of 350,000 homes. It said four out of five homes with a previous flood experience had seen a price reduction in insurance cover of more than 50% due to the scheme.

    Share Story:

Recent Stories