Question to the Department for Environment, Food and Rural Affairs:

To ask His Majesty's Government what plans they have for legislation to make it mandatory for insurance companies to provide flood cover at an affordable and fair price, to supersede the temporary Flood Re scheme.

In 2024/25, Flood Re provided cover for over 346,000 household policies. 650,000 properties have benefitted since the scheme’s launch and 99% of householders at high risk of flooding can now obtain quotes from 10 or more insurers.

Flood Re have a statutory purpose to manage the transition to a risk-reflective market of flood insurance between 2016 and 2039 when the scheme is expected to end. Flood Re publishes a Transition Plan every five years outlining progress and actions to manage this transition. Flood Re's next Transition plan (Transition Plan 4) will be published in 2028.

We recognise that climate change and population growth could further impact on the future costs of home insurance. This is why we have committed to reviewing, by the end of this Parliament, how both government and industry are responding to these new challenges and creating the conditions for this transition.

The review will consider current and future actions to ensure that the insurance market can enable access to affordable flood insurance from 2039, without the need for ongoing government intervention.