Flood Re to go live in 2016

Flood Re, the UK Government's scheme to pool flood risk, is expected to become live in April 2016.

A spokesperson for Flood Re explained that a date for the launch had not been revealed previously but that it was currently on track to begin its testing phase this summer.

Brendan McCafferty, chief executive officer of Flood Re, said: “Flood Re is a complex scheme which needs to be tested thoroughly if we are to get it right first time for UK home insurance customers, regardless of how they buy their cover.

“However being ready to launch for consumers requires extensive testing that needs to be done with 300-400 insurers. That is a complex and lengthy process which requires a realistic timeframe. The industry understands and acknowledges that it needs sufficient time to build its systems because not all insurers have commenced that work and it is a complex process.”