More insurers will come on board in the next six months, says chief executive

Insurers Covea, Hiscox and RSA have committed to Flood Re’s government-backed flood resiliency scheme as partners.

Announced today (14 November 2022), the three insurers join initial participants Ageas, Aviva, NFU Mutual, Lloyds Banking Group and LV=, which all joined the scheme when it launched on 14 April this year.

The announcement came from Flood Re chief executive Andy Bord as he spoke at the World Climate Summit in Sharm El-Sheikh, Egypt, today.

He said: “To have already secured the commitment of around 60% of the UK’s property insurance market with eight of the UK’s major insurers stands testimony to the commitment of the insurance industry to do what it can in the wake of climate change and really make a difference to customer outcomes.”

Build Back Better is the UK government-backed initiative launched by Flood Re to allow participating insurers to offer customers reimbursement of up to £10,000 for flood resilience measures on top of the cost of repair work caused by flood damage.

The funds, which insurers can claim back from Flood Re, can be used to pay for the installation of flood resilience measures such as raised electrical sockets, self-closing air bricks and flood resistant doors.

Flood Re has called the Build Back Better scheme a “vital step” in responding to growing climate-related risks by offering a practical and innovative solution to build resilience for homeowners and insurers.

Bord added that Flood Re was “confident that more insurers will come on board in the next six months and that Build Back Better will soon be a standard offering within UK home insurance policies”.

Everyone’s interest

Tim Slattery, personal lines underwriting manager at Hiscox, commented: “Helping customers to better protect their homes from flooding is in everyone’s interest.

“This practical and innovative scheme will elevate the resilience of UK housing stock and help those who are affected by flooding return to their normal lives more quickly.”

Suzy Tiffany, personal lines claims director at RSA, added: “It’s clear that climate change is causing more frequent and severe weather events to take place and we want to support our customers in protecting themselves against this increasing risk.

“It’s no small task, but it is important that the UK’s housing stock is futureproofed by strengthening flood resilience – the Build Back Better scheme works towards that goal and we’re delighted to be a part of it.”