Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
    • Webinars
    • Podcasts
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive
Quick links:
  • Home
  • The Actuary Issues
  • April 2016
04

Flood Re receives regulatory approval 

Open-access content Friday 1st April 2016 — updated 5.50pm, Wednesday 29th April 2020

Reinsurance scheme Flood Re has been authorised to operate by the Prudential Regulatory Authority and the Financial Conduct Authority with effect from today.

2


This means the scheme will go live on 4 April as planned. Flood Re has also published a list of participating insurers prior to the launch for customers, with more to be added in the coming months.

James Dalton, director of general insurance policy at the Association of British Insurers, said: "It's great to see so many insurers ready to make use of Flood Re from launch. Monday is just the start of a process and we know more providers will join them over time, bringing even more choice for people with homes at risk of flooding."

In February the scheme secured funds required for the programme worth £2.1bn. In the same month, it published its first transition plan, which details how the programme will work with partners.

The scheme is designed to enable insurers to offer lower premiums and excesses to high-flood-risk homes across the UK. It will end in 2039.

Flood Re estimated over time that up to 350,000 homes would benefit as a result of affordable cover. The way people buy their insurance policy and make claims will remain unchanged.

Brendan McCafferty, chief executive of Flood Re, said: "We will be ready to accept policies in April and are working hard to ensure that as many insurers as possible are able to offer products to consumers. After launch, people in high flood risk areas should speak to their insurer and be prepared to shop around.

"Consumers will continue to buy their policy from the insurer they choose and if they need to make a claim then they will do so directly with that company."

This article appeared in our April 2016 issue of The Actuary.
Click here to view this issue
Filed in:
04
Topics:
Reinsurance

You might also like...

Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

Senior Underwriting Risk Manager

London (Central)
£85K-£95K + Benefits
Reference
124386

Reserving Manager (Contract)

London (Central)
£1200 - £1400 per day
Reference
124385

Life Actuary - Contract - IFRS 17 Financial Impact

England, London / England, Bristol / North Yorkshire, England
£900 - £1150 per day
Reference
124384
See all jobs »
 
 

Today's top reads

 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2022 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited. All rights reserved. Reproduction of any part is not allowed without written permission.

Redactive Media Group Ltd, 71-75 Shelton Street, London WC2H 9JQ