Source · Select Committees · Public Accounts Committee
Recommendation 24
24
Acknowledged
Flood Re established in 2016 to provide affordable flood insurance to householders
Conclusion
Flood Re, a joint initiative between the insurance industry and the government, was established to ensure affordable flood risk insurance is available to householders. It was established by the Water Act 2014, launched in 2016, and due to be in place until 2039. In 2022, Government implemented some changes to Flood Re to support improved flood resilience among householders.54
Government Response Summary
The government acknowledges the committee's observations about Flood Re and states that Flood Re will publish its next Quinquennial Review in July 2024, with the Secretary of State considering its recommendations. The department will write to the Committee by January 2025.
Government Response
Acknowledged
HM Government
Acknowledged
6.1 The government agrees with the Committee’s recommendation. Target implementation date: January 2025 6.2 The department will write to the Committee by January 2025. 6.3 Regulation 27 of the Flood Reinsurance (Scheme Funding and Administration) Regulations 2015 sets out that Flood Re must produce a report at least every five years which reviews the scheme, considering total levy and reinsurance premium thresholds and the need to manage transition by 2039. Flood Re intend to publish their next Quinquennial Review in July 2024 making recommendations, which the Secretary of State will consider.