Floods: Insurance
The question
To ask the Secretary of State for Environment, Food and Rural Affairs, what recent assessment he has made of the adequacy of (a) progress towards risk-reflective pricing for insurance in areas of high flood risk and (b) market readiness for the scheduled exit of Flood Re in 2039.
Answered by Emma Hardy
Flood Re have a statutory purpose to manage the transition to risk-reflective pricing of flood insurance for household premises between 2016 and 2039. Flood Re published their most recent Transition Plan in July 2023, outlining its progress and action on moving to affordable risk-reflective pricing by 2039. Flood Re’s next Transition plan (Transition Plan 4) will be published in summer 2028.
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