Asked by: Robin Walker (Conservative - Worcester)
Question to the Department for Environment, Food and Rural Affairs:
To ask the Secretary of State for Environment, Food and Rural Affairs, what assessment she has made of the effect of the introduction of Flood Re on people seeking to access affordable flood insurance in areas of high flood risk.
Answered by Rory Stewart
Flood Re launched last month, and will ensure people will have access to affordable flood insurance. Flood Re will achieve this by providing reinsurance, with high risk customers having their policies ceded to Flood Re by their insurer. Flood insurance policies ceded to Flood Re have premiums and excesses within set limits based on Council Tax band.
As of today, 29 insurers are using Flood Re and it remains important that consumers shop around to obtain the best price. A review of the Flood Re scheme will take place in 2019.