Flood Re take-up more than doubles since launch

Flood Re, the UK Government’s scheme to pool flood risk, has revealed that the number of insurers signed up to support the scheme has more than doubled since its launch on April 4, 2016.

After going live with 16 insurance providers, the number of providers has now increased by 125 percent to 36.

According to the scheme, the support of the insurance industry is crucial to its long-term success and these 36 insurance providers now represent 85 percent of the overall market.

Speaking following his appearance in front of the Environment, Food and Rural Affairs Select Committee today, Brendan McCafferty, chief executive of Flood Re, said: "I am pleased that the number of insurance providers available to consumers has more than doubled since Flood Re launched in early April. We are talking to more insurers and expect this number to rise from the present level of 36 over the remainder of 2016.

“Consumers can check the Flood Re website to see which insurance providers are participating and find out more about the Scheme. They should speak to their current insurer and be prepared to shop around as the market is becoming increasingly competitive. When buying a policy, people in flood-prone areas should make sure it is the best one for them and not just the cheapest.”