Floods: Insurance
The question
To ask the Secretary of State for Environment, Food and Rural Affairs, with reference to the Environment Agency's document entitled National assessment of flood and coastal erosion risk in England 2024, updated on 22 January 2025, what assessment she has made of trends in the level of insurance premiums for (a) households (b) businesses and (c) public buildings following the publication of that document.
Answered by Emma Hardy
Insurers consider a range of factors in setting premiums for insurance policies that include cover against flooding. This will include factors such as previous claims history, as well as future risk of flooding. Insurance companies may use Environment Agency data, alongside their own commercially available modelling to inform their assessment of the risk. The decision to insure a property is a commercial decision made by the insurer.
I work closely with the insurance industry, for example, through the Floods Resilience Taskforce, which includes an Action Group focused on improving flood insurance provision and uptake, and the Insurance Roundtables, most recently held on 13 October, where leaders discussed how insurers can support customers to access affordable cover and improve experiences at the point of claim.
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