Flood Re has announced that for the year to the end of March 2023, the number of policies ceded to the scheme increased by 3.6% to 265,826, with gross written premiums received rising to £52m (2022: £46m).

It reported profit before tax of £110m (2022: £132m) and said this reflected a broadly benign year for flood events and a planned reduction in income raised from the levy on insurers of 25% to £135m (2022: £180m).

Andy Bord (pictured), CEO of Flood Re, said: “Climate change is having and will continue to have a major impact on the UK with river, coastal and surface water flooding all on the rise.

“With over two million people across the UK already exposed to frequent flooding and the average cost of repairing a flooded home being in excess of £30,000, the time for action on adaptation to climate change is now.

“Whilst government remains committed to investing in flood defences there needs to be as much focus, if not more, on driving forward adaptation.

“That is why we launched the Build Back Better Scheme, are driving forward on plans for Flood Performance Certificates and have made the creation of a centre of excellence as priorities in our transition plan.”

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