A decade of innovation helping businesses with £9m paid in claims and a total current sum insured of £600m of assets
The British Insurance Brokers’ Association (BIBA) and Mi Specialty are celebrating the tenth anniversary of the BIBA Commercial Property with Flood Cover scheme, marking a decade of helping businesses and commercial property owners across the UK to access specialist flood insurance where cover may otherwise have been difficult or impossible to obtain.
Launched in 2016, the scheme was developed in response to a clear gap in the commercial insurance market. While Flood Re transformed the availability of flood insurance for homeowners, many businesses continued to face significant challenges in securing adequate protection against flood risk.
Working in partnership, BIBA and Mi Specialty developed a specialist solution designed exclusively for BIBA members. The scheme combines experienced underwriting with sophisticated flood modelling and bespoke data analytics, enabling risks to be assessed on their individual merits rather than through automated acceptance or decline criteria alone.
Over the past decade, the scheme has provided 1500 businesses with access to specialist flood insurance, written approximately £16m of premium and has become an established solution for insurance brokers seeking support for complex flood-exposed risks. The scheme currently insures £600m of assets.
During this period, Mi Specialty has handled more than 170 flood claims, paying more than £9m to affected policyholders. With an average flood claim exceeding £53,000, the scheme has demonstrated the critical role specialist insurance plays in helping businesses recover following flood events.
Commenting on the anniversary, Graeme Trudgill, BIBA CEO, said: “Ten years ago, many businesses operating in areas at risk of flooding struggled to secure the insurance protection they needed. Through collaboration with Government, the insurance industry and Mi Specialty we developed a practical solution that has now helped 1500 businesses access appropriate flood insurance cover.
“From the outset, it combined specialist underwriting with sophisticated flood mapping technology, and it has continued to evolve to meet the changing needs of brokers and their commercial customers.
“Today, around 200 BIBA members actively use the scheme to support businesses facing flood risks, while also helping them access their wider commercial insurance needs. As flood risk continues to grow, the importance of specialist solutions like this has never been more important. We are proud of what has been achieved over the past decade and look forward to continuing to develop the scheme with Mi Specialty for many years to come.”
James Wheddon, Managing Director of Mi Specialty, added: “Reaching our tenth anniversary is a significant milestone and one that reflects the strength of the partnership between Mi Specialty, BIBA, our insurer partners and the broker community.
“When we launched the scheme, our objective was simple: to improve access to flood insurance for businesses that were struggling to obtain cover through the conventional market. Ten years later, that need remains as important as ever.
“Flood risk continues to evolve, driven by changing weather patterns, increased surface water flooding and the growing complexity of commercial risks. Our experience has shown that better data, specialist underwriting and strong collaboration can make a real difference in ensuring businesses continue to access the protection they need.
“While we are proud of what has been achieved over the past decade, we believe the next ten years will require even greater innovation and closer collaboration across insurers, brokers, government and industry if we are to maintain a resilient and sustainable commercial flood insurance market.”
As flood risk continues to increase across the UK, Mi Specialty remains committed to working with BIBA, insurers and brokers to develop innovative insurance solutions that support businesses, strengthen resilience and improve access to specialist cover for customers facing increasingly complex risks.
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Notes to editors
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3. About the British Insurance Brokers’ Association
The British Insurance Brokers’ Association (BIBA) is the UK’s leading general insurance intermediary organisation representing the interests of insurance brokers, intermediaries and their customers.
BIBA membership includes more than 1,700 regulated firms, employing over 130,000 people across the UK.
General insurance brokers contribute £26.1bn to the UK economy and arrange £150bn of general insurance premiums – over 5% of UK GDP.
Insurance brokers put their customers’ interests first, providing advice, access to suitable insurance protection and risk management.
BIBA receives hundreds of thousands of enquiries per year to its Find Insurance Services, online and via the telephone, which are directed to insurance broking firms.
BIBA is the voice of the sector advising members, Government, regulators, consumer bodies and other stakeholders on key insurance issues.
4. About Mi Specialty
Mi Specialty is a specialist Managing General Agent and part of the Benefact Group. Working exclusively through professional insurance brokers, Mi Specialty designs and underwrites specialist commercial insurance solutions across a range of niche sectors, combining underwriting expertise with market-leading products and exceptional service.
