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PARLIAMENTARY WRITTEN QUESTION
Floods: Home Insurance (11 October 2024)

Question Asked

To ask the Secretary of State for Environment, Food and Rural Affairs, what assessment he has made of the potential merits of extending the provisions of Flood:Re beyond 2039.

Asked by:
Dr Ben Spencer (Conservative)

Answer

Flood Re is a flood re-insurance scheme that aims to ensure UK householders living in properties at high risk of flooding can access affordable home insurance. The scheme is due to end in 2039, at which point the aim is for the market to offer affordable risk-reflective pricing of flood insurance for households.

Flood Re have a statutory purpose to manage the transition to risk-reflective pricing of flood insurance for household premises between 2016 and 2039. Flood Re published their most recent Transition Plan in July 2023, outlining its progress and action on moving to affordable risk-reflective pricing by 2039 this summer. Flood Re’s next Transition plan (Transition Plan 4) will be published in summer 2028.


Answered by:
Emma Hardy (Labour)
18 October 2024

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