Flood Re to meet US govt, key regulators to drive flood resilience
Flood Re, the UK Government-backed scheme to pool flood risk, has joined a UK government trade delegation to the US this week to share its knowledge and experience in developing capabilities around flood and cyber resilience.
The UK delegation will be meeting with chief resilience officers, insurance regulators, the Federal Emergency Management Agency (FEMA) and the New York City Office of Climate and Environmental Justice amongst others. Additionally, Flood Re and other delegates will visit Miami, Washington and New York, including representatives from the insurance and broking sector.
The week-long trip, orchestrated by the Department of Business & Trade, comes under its remit to promote exports and attract inward investment for infrastructure.
Flood Re's Build Back Better scheme, launched in April last year, has gained the support of 64% of the UK’s residential property insurance market. It enables participating insurers to offer relevant customers access to reimbursement costs of up to £10,000 to invest in property level flood resilience measures, over and above work to repair damage and loss caused by a flood.
Dermot Kehoe, Flood Re’s communications and transition director, said: “The Business of Resilience mission will provide Flood Re with a timely opportunity to share our internationally-regarded approach to developing a resilient flood insurance market and to promote our ground-breaking work on adaptability through the Build Back Better initiative.”
Andy Bord (pictured), CEO, Flood Re added: “This mission reflects the global nature of the challenges around flood and the need for international collaboration and sharing of best practice. It also recognises the success Flood Re has had to date, underlining that by placing resilience at the heart of housing and building policy, it is possible to reduce householders’ vulnerability to extreme weather events and help communities reap the benefits of a safer, better-planned built environment.”
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