’We want to see Build Back Better becoming a standard offering on all residential property insurance policies,’ says communications head

Flood Re has published a new training video for the insurance market as it looks to drive a “deeper understanding” of the Build Back Better scheme, a statement released yesterday (25 April 2023) said.

ESG D&O claims

Read: Property claims for flood damage significantly drop

Read: More to be done’ by insurance industry alongside government’s ‘ambitious’ flood investment plan

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The scheme, launched in 2022, offers householders the opportunity to install property flood resilience measures up to the value of £10,000 when repairing their properties after a flood.

A statement said the video was designed to further explain Build Back Better and the principals behind it.

Its aim is to drive a further understanding of the scheme within insurance companies, managing general agents, brokers and throughout the claims supply chain.

Kelly Ostler-Coyle, head of communications at Flood Re, said: “Flood Re’s mission is to ensure that affordable insurance cover will continue to be widely available after it ceases trading in 2039.

“Core to this challenge is the widescale adoption of Build Back Better and an increase in the resilience of the UK’s housing stock to the impacts of climate change.”

Standard offering

To date, 65% of insurers have signed up to Flood Re support the Build Back Better scheme, according to Flood Re.

Read: Briefing – Insurers facing flood dilemma as new models remove all doubt

Read: Flood Re completes East Peckham pilot to score properties’ flood resilience

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These include Ageas, Aviva, Axa, Covea, Hiscox, NFU Mutual, Lloyds Banking Group (Bank of Scotland, Halifax and Lloyds Bank home insurance products), LV= General Insurance and RSA.

“We want to see Build Back Better becoming a standard offering on all residential property insurance policies in the future,” Ostler-Coyle said.

“But, to get to this stage it is essential that everyone involved in the market – from underwriters to claims personnel, brokers and those on the ground in the supply chain – are fully conversant with how the scheme works and how it can make a difference to both future claims costs and significantly reduce the stress and trauma for those impacted by flooding.”

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