Flood Defences
Debate between Earl of Kinnoull and Baroness Evans of Bowes Park(7 years, 11 months ago)
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The Lord Privy Seal (Baroness Evans of Bowes Park) (Con)
My Lords, it is the turn of the Cross Benches.
The Earl of Kinnoull
My Lords, I am grateful. I declare my insurance and farming interests as set out in the register of the House. Does the Minister agree with me on two points? First, Flood Re is very much in its start-up phase—it began trading only in April this year, and 53,000 policies is, in insurance terms, not very many—and the concept will really be proven when the first claims are successfully settled and paid. Secondly, once that is done, however, it would be sensible for the Government to engage the relevant parties in conversation about extending the concept of Flood Re—which is different from Flood Re itself—to small businesses, which I think would be greatly to the benefit of this country.