AXA UK announced recently they have signed-up to Flood Re’s Build Back Better scheme. This means they will be able to offer relevant customers access to reimbursement costs of up to £10,000, over and above work to repair damage and loss caused by a flood.The Build Back Better scheme has now gained the support of 64% of the UK’s residential property insurance market. AXA UK joins insurers Ageas, Aviva, Covea, Hiscox, NFU Mutual, Lloyds Banking Group (Bank of Scotland, Halifax, and Lloyds Bank home insurance products), LV= General Insurance and RSA on the ground-breaking scheme.
Tara Foley, CEO, AXA Retail UK, confirmed the insurer’s participation during a special roundtable event in Parliament focused on the role of flood prevention and increasing resilience within the levelling up agenda. Attendees included Alex Sobel MP, Shadow Minister for Nature Recovery and the Domestic Environment and Emma Hardy MP, Member of the Treasury Select Committee.
Tara Foley, CEO AXA Retail UK commented:
“Build Back Better is an important step towards strengthening flood resilience and I’m very pleased that AXA UK has become a participating insurer in this revolutionary scheme to reduce the impact of future flooding and help customers in at-risk areas. By placing resilience at the heart of housing and building policy, the insurance industry can collectively reduce the UK’s vulnerability to extreme weather events and help communities reap the benefits of a safer, better-planned built environment.”
Dermot Kehoe, Director of Communication and Transition at Flood Re, commented:
“I am delighted that another major UK insurer has come on board. Investing in property level flood resilience measures is proven to lessen the impact of future flooding and enables householders to return to their homes sooner. This will significantly reduce the stress and trauma associated with flooding.
“The Flood Re scheme will end in 2039, and the Build Back Better scheme will play a key role – along with other measures and government investment in flood defenses – to ensure the UK will be able to manage the effects of climate change and increased flooding.”
The Build Back Better scheme was launched by Flood Re, the joint initiative between the UK insurance industry and the UK Government to promote the availability and affordability of flood insurance, last April. The funds, which insurers can claim back from Flood Re, can be used to pay for the installation of flood resilience measures such as raised electrical sockets, self-closing air bricks, non-return valves, along with flood resistant doors and the replacement of wooden floors with waterproof tiling and grout. The scheme also covers the cost of surveys to understand the flood risk and potential mitigation of individual properties.
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