Flood Re has revealed that more than half of the UK household insurance market by premium will be offering products backed by the provider when it formally launches next week
The news comes a day after it revealed that it had received authorisation by both the Financial Conduct Authority and Prudential Regulation Authority.
Based on the Association of British Insurers ranking of top household insurers in 2014, four of the top five are included as of 14:00 today (see box, below), although Flood Re added the list will be updated “on an hourly basis and we expect a number of other providers to join the list in the coming days”.
Brendan McCafferty, chief executive of Flood Re, said: “We want to make sure householders know which providers will be offering Flood Re backed policies. We’re delighted that so many of the UK’s insurance providers are taking part in Flood Re. My message to consumers is clear – if you’re at risk of flood then shop around for the best policy for you.
“If you’re in a high flood-risk area then Flood Re may also mean having a choice of insurance provider for the first time in many years. Again, shop around and see what cover and prices you are offered.”
James Dalton, director of general insurance policy at the Association of British Insurers, added: “It’s great to see so many insurers ready to make use of Flood Re from launch. Monday is just the start of a process and we know more providers will join them over time, bringing even more choice for people with homes at risk of flooding.
“Insurance is an essential safeguard for your home and belongings. People in flood risk areas not being able to access affordable cover was a major concern, and why the insurance industry went to great lengths to design and create this world-first solution along with Government.”
The news comes a day after it revealed that it had received authorisation by both the Financial Conduct Authority and Prudential Regulation Authority.
Based on the Association of British Insurers ranking of top household insurers in 2014, four of the top five are included as of 14:00 today (see box, below), although Flood Re added the list will be updated “on an hourly basis and we expect a number of other providers to join the list in the coming days”.
Brendan McCafferty, chief executive of Flood Re, said: “We want to make sure householders know which providers will be offering Flood Re backed policies. We’re delighted that so many of the UK’s insurance providers are taking part in Flood Re. My message to consumers is clear – if you’re at risk of flood then shop around for the best policy for you.
“If you’re in a high flood-risk area then Flood Re may also mean having a choice of insurance provider for the first time in many years. Again, shop around and see what cover and prices you are offered.”
James Dalton, director of general insurance policy at the Association of British Insurers, added: “It’s great to see so many insurers ready to make use of Flood Re from launch. Monday is just the start of a process and we know more providers will join them over time, bringing even more choice for people with homes at risk of flooding.
“Insurance is an essential safeguard for your home and belongings. People in flood risk areas not being able to access affordable cover was a major concern, and why the insurance industry went to great lengths to design and create this world-first solution along with Government.”
Rankings source: ABI
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Other insurance brands signed up to Flood Re are Avantia, Cherish, First Direct, HSBC and Legal & General.
