Flood Re Review Should Prompt Property Re-Build Rule Changes

Responding to the publication today of Flood Re’s Quinquennial Review, James Dalton, Director of General Insurance Policy at the Association of British Insurers, said:

“The insurance industry established Flood Re as part of our commitment to addressing the risks associated with the growing threat from flooding. It’s already made a significant impact, covering almost a quarter of a million properties and creating a competitive market which allows householders who’ve experienced flooding to shop around for their cover, making savings in the process.

“It was always expected that Flood Re would evolve over time and it’s good to see sensible recommendations being made about the role it could play in getting more flood resistance measures installed in individual properties. Insurers are on the front line supporting customers when flooding happens and know well the value of making homes and businesses more resilient to future floods.”

There were other positive reactions to the Flood Re core message, namely to rebuild affected homes using more defensive, flood-resistant methods and materials, including this from a Kendal based action group on Twitter;

Excellent news! Some of those affected by in our area (over 3 years ago!)are still awaiting compensation from ombudsman wrt poor standard of re-build. Thank you

Meanwhile Mary Dhonau, CEO of Know Your Flood Risk also tweeted support;

This is great news. I’ve been calling for insurers to ‘build back better,’ for a long time now. Also for those who take moves to reduce the impact a can have, to be rewarded.( With lower premiums.) Well done !

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