Draft Flood Reinsurance (Amendment) Regulations 2025

Steff Aquarone Excerpts

Wednesday 26th February 2025 General Committees

[Steff Aquarone (North Norfolk) (LD)]

It is a pleasure to serve under your chairship, Ms Vaz. I will make some brief remarks, which I hope the Minister can respond to. My constituency of North Norfolk suffers heavily from flooding. Many of my constituents have benefited from the Flood Re scheme, so I wholeheartedly welcome this measure, which will increase the funds available to it. I hope that the Minister, in her closing remarks, will update us on her confidence that risk-reflective pricing will be delivered by the time Flood Re exits the market and her plans to ensure that that is the case over subsequent years.

The key thing that drove me to speak in the debate is an omission from the regulations that relates to those affected by coastal erosion. I will be very brief. The Flood Re scheme is providing many tangible benefits to those affected by flooding in North Norfolk, but the residents of villages such as Happisburgh, Trimingham and Overstrand have no similar protections from the threat of coastal erosion. I hope the Minister might consider bringing forward provisions to set up a coastal reinsurance scheme, to ensure that those affected by coastal erosion have insurance protection from the impact of erosion on their property. It is a problem affecting only a few thousand households, so it is far from a huge undertaking for the Government and industry, but for all those it impacts it causes daily worry and fear for the future.

If the Minister cannot make such a commitment to the Committee today, which I would understand, I would be delighted if she would be willing to meet me and residents in my area who are facing the challenges of coastal erosion, to discuss what we can do to ensure they are well protected. I would be delighted to welcome her to one of those villages to see the impact of erosion at first hand.

I am grateful to you, Ms Vaz, for allowing me to make these comments, and I look forward to hearing a positive and reassuring response for the Minister.