Flood minister Dan Rogerson to discuss commercial flood insurance with Biba later this month
The Department for Environment, Food and Rural Affairs (Defra) has commissioned its own research into whether those excluded from Flood Re will struggle to find affordable cover.
Announcing the move in Parliament on Wednesday, flood minister Dan Rogerson also revealed that he is planning to discuss commercial flood insurance with Biba and the property industry at a meeting later this month.
At February’s flood summit with the insurance industry, government ministers were told that those excluded from Flood Re, such as small businesses and houses built after 2009, could struggle to find affordable cover.
This prompted ministers to ask for evidence that finding insurance would be difficult for the excluded groups.
In response, Biba has conducted a survey among member brokers to find evidence of flood coverage difficulties among small firms, private landlords and new homes.
But Defra has decided to also conduct its own research.
Rogerson said in a written response to a Parliamentary question on Wednesday that Defra had considered Biba’s survey “with interest”.
He added: “Defra has commissioned its own research to monitor the market for flood insurance. This will include the market for domestic insurance, for which Flood Re has been designed, and the market for commercial flood insurance, for which Flood Re was not designed.”
A Defra spokeswoman told Insurance Times: “Our research will be used alongside the evidence provided by industry to give a comprehensive view of the flood insurance market.”
Rogerson added that he was planning to discuss commercial flood insurance with Biba and representatives from the property industry “at a round table meeting later this month.”