In the wake of broker outrage at the “shambolic” Flood Re launch
, Covéa Insurance is the latest carrier to confirm that it has made products available to brokers on the government-backed flood cover programme.
Sara Simmons, head of HNW and schemes at Covéa, told Insurance Business UK
that Flood Re went live on the insurer’s executive home and executive plus policies on April 13.
Simmons said the company has already starting ceding policies to Flood Re and noted that Covéa does not sell home insurance direct to consumers and only deals through brokers.
“Covéa Insurance mid- and high-net home products are live and available to brokers on Flood Re. Our executive home and executive plus products are only available through insurance brokers and intermediaries, so brokers with Covéa Insurance agencies can access this subsidised flood insurance for their customers exclusively; our team are here and ready to support brokers with this,” she said. “Flood Re is a fantastic initiative and a great opportunity for brokers and insurers to provide customers with the cover they need which, after all, is what we're here for."
The much anticipated launch of the UK Government-backed scheme to pool flood risk was met with derision by the broker community after it emerged that insurers are offering Flood Re policies via their direct channels at the expense of broker access to the same products. Some insurers are looking at a three-month head start on the intermediaries.
Another insurer we spoke to said its Flood Re product was “ready to go” but it had been unable to launch it for reasons it could not yet reveal.