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
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive
Quick links:
  • Home
  • The Actuary Issues
  • October 2016
cyber-breaches-paramount-in-transportation-industry-says-new-report

Flood Re covers 53,000 policies in six months

Open-access content Wednesday 5th October 2016

Flood Re was set up to provide insurance for properties at risk of flooding that would otherwise find cover hard to obtain.

2

There were 16 insurers signed up at its April launch but now 41 have joined, who between them represent 90% of the overall home insurance market.

Chief executive Brendan McCafferty said: "Customers with the 53,000 policies backed by Flood Re are now able to access more affordable cover, having previously been, in many cases, locked out of the market.

"However we know that lots more needs to be done to ensure that as many people as possible are able to access more affordable home insurance cover. As the weather begins to turn and the threat of flooding increases, consumers should check the Flood Re website to see which insurance providers are participating and find out more about the scheme."

James Dalton, director of general insurance policy at the Association of British Insurers, said Flood Re showed the industry's commitment to making affordable insurance accessible, even in high-flood-risk areas.

"Flood Re's benefits will continue to expand over time and we would encourage those who haven't done so already to shop around to see how the new competitive market can help them," he said.

Flood Re said it had estimated that, over time, around 350,000 homes would benefit from its promotion of a competitive insurance market in which insurers can place the flood-risk element of domestic property insurance with Flood Re at a premium linked to council tax bands. 

Ratings agency Standard and Poor has given Flood Re a preliminary rating of A-, signifying a stable outlook.

This article appeared in our October 2016 issue of The Actuary.
Click here to view this issue
Filed in:
cyber-breaches-paramount-in-transportation-industry-says-new-report
Topics:
General Insurance

You might also like...

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

Latest Jobs

Part Qualified Pensions Actuary

Manchester
Up to £45,000
Reference
121150

Aggregation Analyst - London Market

London, England
£40000 - £50000 per annum + + Bonus
Reference
121149

Senior Capital Modelling Analyst

London (Central)
Up to £65000 per annum + package
Reference
121148
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

© 2021 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited, Level 5, 78 Chamber Street, London, E1 8BL. Tel: 020 7880 6200