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PARLIAMENTARY WRITTEN QUESTION
Floods: Insurance (12 April 2016)

Question Asked

To ask the Secretary of State for Environment, Food and Rural Affairs, what progress has been made with the insurance industry on the development of a Flood Re scheme for small businesses.

Asked by:
Rachael Maskell (Labour)

Answer

We are aware that some small businesses exposed to high flood risk may experience challenges in finding affordable insurance. We are therefore working with BIS, local authorities, the insurance industry and other business representatives to further understand what problems the business sector may be experiencing in this area and to discuss the options available for taking action.

Ministers have recently held meetings with representatives from the Association of British Insurers (ABI), Federation of Small Businesses and the British Insurance Brokers Association (BIBA) among others to discuss these issues. Following this BIBA is developing a commercial insurance product that is intended to help businesses in flood risk areas to access appropriate cover.

In the meantime the ABI have assured Government that the industry will continue to provide insurance to small businesses on a competitive basis.


Answered by:
Rory Stewart (Independent)
19 April 2016

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