Showing all posts tagged: flood

Published: 22/01/2016

What is Flood Re?

In 2011, the industry formally recommended Flood Re as a long-term flood insurance solution in the UK and after lengthy negotiations an outline agreement between the Government and the insurance industry was reached in June 2013. Since then the industry and Government have been working through the finer detail, and the Water Bill, legislating the powers to set up Flood Re has been working through Parliament. Royal Assent for the Water Bill was gained in May 2014. The Secondary Legislation which comprises of the regulations and the Scheme document, were laid before parliament in April 2015. This paves the way for the Secretary of State to designate Flood Re as the scheme administrator of the Flood Re scheme which we expect to happen after the election.

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