Environment, Food and Rural Affairs

Thursday 27th February 2025 Written Corrections

Draft Flood Reinsurance (Amendment) Regulations 2025

The following extract is from the debate on the draft Flood Reinsurance (Amendment) Regulations 2025 in the Fourth Delegated Legislation Committee on 26 February 2025.

[Emma Hardy]

By using existing capital, Flood Re Ltd is keeping the increase to 18%, while its reinsurance costs are expected to more than double. The reduction from £140 million a year to £135 million a year three years ago also demonstrates Flood Re Ltd’s commitment to its responsibility for keeping the levy as low as possible.

[Official Report, Fourth Delegated Legislation Committee, 26 February 2025; c. 4-5.]

Written correction submitted by the Under-Secretary of State for Environment, Food and Rural Affairs, the hon. Member for Kingston upon Hull West and Haltemprice (Emma Hardy):

[Emma Hardy]

By using existing capital, Flood Re Ltd is keeping the increase to 18%, while its reinsurance costs are expected to more than double. The reduction from £180 million a year to £135 million a year three years ago also demonstrates Flood Re Ltd’s commitment to its responsibility for keeping the levy as low as possible.