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
    • Moody's - Climate Risk Insurers series
    • 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

You may also be interested in...

2

Global reinsurance capital reduces by 2% in 2015

Total global reinsurance capital stood at $565bn (£399bn) at 31 December 2015, down by 2% from 2014, as estimated by Aon Benfield.
Wednesday 6th April 2016
Open-access content
2

General insurers 'resilient' to market-wide scenarios, PRA says

General insurance firms are resilient against events that affect the market, according to a stress test conducted by the Prudential Regulation Authority (PRA).
Tuesday 26th April 2016
Open-access content
2

Insurers pay $37bn for 2015 global disasters

Insured losses from natural catastrophes and man-made disasters worldwide were $37bn (£26bn) in 2015, according to a study by Swiss Re.
Friday 1st April 2016
Open-access content
2

Time for tee

The Worshipful Company of Actuaries is holding its annual Masters Golf day this year at the Beaconsfield Golf Club on Wednesday 25 May.
Tuesday 29th March 2016
Open-access content
2

Getting crazy at the quiz

On 4 February, 184 actuaries met up to fight it out for the title SIAS Pub Quiz Champions 2016.
Tuesday 29th March 2016
Open-access content
2

Lifetime ISA may be right for some but could be distracting, says poll

The new lifetime ISA (LISA) may be suitable for some people but could undermine pension savings, according to Aon Hewitt.
Tuesday 5th April 2016
Open-access content

Latest from Reinsurance

Natural catastrophes drive insured losses of $38bn

Natural catastrophes drive insured losses of $38bn

Unprecedented flooding in Australia and South Africa saw total insured losses from natural catastrophes reach $35bn (£29bn) in the first half of 2022, Swiss Re has found.
Wednesday 10th August 2022
Open-access content
Insured losses from natural disasters rise above 21st century average

Insured losses from natural disasters rise above 21st century average

Natural disasters resulted in around $39bn (£32bn) of insured losses during the first six months of this year, which is 18% higher than the 21st century average of $33bn.
Thursday 28th July 2022
Open-access content
Utilities struggling to insure new coal power, report claims

Utilities struggling to insure new coal power, report claims

New coal power capacity is becoming increasingly difficult to insure outside of China, with utilities now turning to inexperienced companies for coverage.
Wednesday 8th June 2022
Open-access content

Latest from April 2016

2

Churchill unveils drivers' excuses for not having car insurance

Motorists who are caught without cover use a range of excuses to avoid being prosecuted, according to Churchill Car Insurance.
Friday 29th April 2016
Open-access content
2

Actuary warns lifetime ISA will 'progressively choke off' pension saving

Lifetime ISAs ‘sit uncomfortably’ with auto-enrolment, according to the chairman of the Association of Consulting Actuaries (ACA).
Friday 29th April 2016
Open-access content
2

Active management helps investors gain extra returns, says actuarial firm

Greater reliance on active managers could help grow investment funds, according to Spence and Partners.
Friday 29th April 2016
Open-access content

Latest from small_opening_image

2

COVID-19 forum for actuaries launched

A forum for actuaries has been launched to help the profession come together and learn how best to respond to the deadly coronavirus sweeping the world.
Wednesday 25th March 2020
Open-access content
2

Travel insurers expect record payouts this year

UK travel insurers expect to pay a record £275m to customers this year as coronavirus grounds flights across the world, the Association of British Insurers (ABI) has revealed.
Wednesday 25th March 2020
Open-access content
2

Grim economic forecasts made as countries lockdown

A sharp recession is imminent in the vast majority of developed and emerging economies as the deadly coronavirus forces businesses to shut down across the world.
Tuesday 24th March 2020
Open-access content

Latest from inline_local_link

2

COVID-19 forum for actuaries launched

A forum for actuaries has been launched to help the profession come together and learn how best to respond to the deadly coronavirus sweeping the world.
Wednesday 25th March 2020
Open-access content
2

Travel insurers expect record payouts this year

UK travel insurers expect to pay a record £275m to customers this year as coronavirus grounds flights across the world, the Association of British Insurers (ABI) has revealed.
Wednesday 25th March 2020
Open-access content
2

Grim economic forecasts made as countries lockdown

A sharp recession is imminent in the vast majority of developed and emerging economies as the deadly coronavirus forces businesses to shut down across the world.
Tuesday 24th March 2020
Open-access content

Latest from 04

2

Churchill unveils drivers' excuses for not having car insurance

Motorists who are caught without cover use a range of excuses to avoid being prosecuted, according to Churchill Car Insurance.
Friday 29th April 2016
Open-access content
2

Actuary warns lifetime ISA will 'progressively choke off' pension saving

Lifetime ISAs ‘sit uncomfortably’ with auto-enrolment, according to the chairman of the Association of Consulting Actuaries (ACA).
Friday 29th April 2016
Open-access content
2

Active management helps investors gain extra returns, says actuarial firm

Greater reliance on active managers could help grow investment funds, according to Spence and Partners.
Friday 29th April 2016
Open-access content
Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

Leading Insurer/Asset Manager – Pricing Actuary (Mortgages)

London (Greater)
Competitive
Reference
148750

Senior Consultant - Risk Settlement - Any UK Location - Up to £100,000 plus bonus

London / Manchester / Edinburgh / Remote
Up to £100,000 + Bonus
Reference
148832

Finance Transformation Actuarial student/Qualified Actuary

London (Central)
£50,000 - £75,000 depending on experience
Reference
148830
See all jobs »
 
 
 
 

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

© 2023 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