BIBA welcomes Flood Re announcement and inclusion of Band H properties

18th December 2014

Graeme Trudgill, Executive Director at BIBA said:

“BIBA is very pleased to see good progress being made by Flood Re. Our members will be delighted that people living in Band H properties and Band I homes in Wales will now also be given protection by Flood Re, giving them peace of mind that they can access affordable insurance if they live in a flood risk area.

“The inclusion of council tax bands H and I are an important change which our property committee has discussed at length and it has also formed part of our conversations with Downing Street and the wider Government.”

The Government response to the Flood Reinsurance Scheme – Regulations consultation has now been published.  This document lays out the Government’s response to a consultation that was run on proposed legislation introducing the Flood Reinsurance Scheme (‘Flood Re’). Flood Re will ensure that domestic property insurance continues to be widely available and affordable in areas of flood risk, without placing unsustainable costs on wider policyholders or the taxpayer. Flood Re will provide transitional support to households at flood risk over a 25 year period as part of a gradual transition towards more risk-reflective prices.

Please see attached link to the Government Response.

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/388915/flood-re-gov-response-201412.pdf

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Notes to editors

1. For further information please contact:

BIBA press office:
Leighann Forsyth, Head of Communications
020 7397 0223
forsythl@biba.org.uk 
 

2. About 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 just under 2,000 regulated firms having merged with the Institute of Insurance Brokers (IIB) in November 2011.

General insurance brokers contribute 1% of GDP to the UK economy and BIBA brokers employ more than 100,000 staff.

53% of all general insurance is sold by an insurance broker and they arrange 81% of all commercial insurance business.

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