Call for flood insurance providers to register for new industry directory

18th October 2021

The British Insurance Brokers’ Association (BIBA), the Association of British Insurers (ABI) and Flood Re have opened registration for the new Flood Insurance Directory expected later this year.  The organisations are calling for intermediaries and insurers who can provide cover for residential buildings and/or contents insurance for consumers who are struggling to obtain flood insurance to register to be part of the service ahead of its launch.

The three organisations will be launching the Flood Insurance Directory following recommendations in the Government’s Independent Review of Flood Insurance in Doncaster published in November 2020. Upon launch they will be asking the industry to signpost consumers to the service if they are unable to provide flood insurance.

The directory will be open to all FCA and PRA regulated insurers and intermediaries that can meet the eligibility criteria. Primarily they will need to be able to provide cover either for homes eligible for Flood Re, or be able to provide flood cover for homes outside Flood Re’s eligibility criteria e.g. those built since 2009.

The new directory will form part of BIBA’s existing online Find Insurance Service and the firms included will go through a vetting process which has been developed with the Department for Environment, Food and Rural Affairs (DEFRA).

Graeme Trudgill, BIBA Executive Director, commented: “This new Flood Insurance Directory will be a joint industry solution to help homeowners struggling to access flood insurance. It’s a natural next step for our Find Insurance Service and we are urging relevant brokers and insurers to register within the next month. This is our opportunity to work as an industry to provide a simple yet effective solution to a challenge that Government has asked us to solve.”

James Dalton, Director, General Insurance Policy, Association of British Insurers, added: “This is a great initiative to ensure that those living in areas of higher flood risk are able to access affordable flood cover for their homes.  The ABI and BIBA have gone one step further with this signposting agreement which will help those both within scope, and out of scope of Flood Re, to be directed to specialist providers for their needs”.

Interested providers should register for the directory.

Dermot Kehoe, Director of Communications and Transition, Flood Re, concluded: “The new Flood Insurance Directory is a great initiative to help householders shop around for flood insurance. It means that people will be able to easily see if their house is eligible for the Flood Re scheme and be directed to companies who can help them to find the right insurance.”

-ENDS-

Notes to editors

  1. The directory will be hosted on the BIBA website as part of the wider BIBA Find Insurance Service
  1. For further information please contact BIBA’s press office

Pam Quinn

BIBA Head of Communications

020 7397 0223

[email protected]

 

Leighann Forsyth

BIBA Deputy Head of Communications

020 7397 0224
[email protected]

 

Malcolm Tarling
ABI

020 7216 7410

07776 147667

 

Kenny Ferguson
Flood Re

075 8560 7492

[email protected]

 

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  1. 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 around 1800 regulated firms, employing more than 100,000 staff. General insurance brokers contribute 1% of GDP to the UK economy; they arrange 67% of all general insurance with a premium totalling £65.1bn and 81% of all commercial insurance business. 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.

 

  1. About Flood Re

Flood Re exists to promote the affordability and availability of flood insurance for homes across the UK. Flood Re’s operation promotes a competitive insurance market that customers can take advantage of. Flood Re does not set consumer prices – this remains a decision for insurers to make.

Insurers can place the flood risk element of domestic property insurance with Flood Re at a premium linked to property Council Tax bands. Flood Re sits in the background, with the purchase of the policy and the process of making a claim being unchanged.

The scheme launched on 4 April 2016 as an independent body that is privately owned and operated, whilst also being publicly accountable. Insurers use Flood Re to benefit their customers.

Flood Re has a rating of A “stable” outlook by Standard and Poor’s, one of the world’s leading independent credit ratings agencies. Flood Re is regulated by the Prudential Regulation Authority and the Financial Conduct Authority (firm reference number: 706046).

 

  1. About ABI

The Association of British Insurers is the voice of the UK’s world leading insurance and long-term savings industry.??A productive,?inclusive?and thriving sector, we are an industry that?provides?peace of mind to households and businesses across the?UK?and powers the growth of local and regional economies by enabling trade, risk taking, investment and innovation.