Recommendation 26

We asked the Department why some people faced difficulties in obtaining affordable insurance after being flooded, particularly those in social housing. The Department said that Flood Re, a joint initiative between the insurance industry and the UK Government, was established to ensure affordable flood risk insurance is available, regardless of whether a property has been flooded recently.29 It was established by the Water Act 2014, launched in 2016, and will run until 2039. Written evidence provided by Flood Re stated that more than 300,000 households have been backed by the Flood Re scheme since it was launched, and independent research shows that 98 per cent of households with prior flood claims can now obtain quotes from five or more insurers.30 26 Q 58 27 Qq 58–59; C&AG’s Report, para 2.21–2.22 28 Q 60 29 Q 61 30 Written evidence submitted by Flood Re, MFR0003, 14 January 2021. Managing food risk 15