Floods: Housing
The question
To ask the Secretary of State for Environment, Food and Rural Affairs, how many and what proportion of properties ceded to the Flood Re scheme since 2023 are not classified as at risk of flooding under Environment Agency flood maps; and what steps she is taking to help ensure that Flood Re is only applied to properties at risk of flooding according to Environment Agency flood mapping.
Answered by Emma Hardy
The Flood Re scheme is funded by the insurance industry via a compulsory levy which currently stands at £160 million per annum. Insurers chose which properties at flood risk to cede to the scheme. Premiums are set by Flood Re that aims to ensure only policies for properties at higher flood risk are ceded.
Insurers use a range of information when assessing the potential flood risk of a property. This usually includes both previous claims history and future risk of flooding which they will often use Environment Agency (EA) data as well as other more detailed commercially available maps to help them assess the risk. There is no requirement for individual insurance companies to use EA data in setting premiums and/or excesses in household insurance policies that include cover against flooding.
Verbatim has judged this answer against the question that was actually asked — answered, partly answered, or evaded. Sign in to see the verdict →