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Government announces flood insurance review 2020

Government announces flood insurance review 2020 | Insurance Business

Government announces flood insurance review 2020

The UK government has today announced that it will be conducting a review to identify the reason why some individuals may not have had sufficient insurance cover during the November 2019 floods. The review will look at evidence relating to insurance cover for those affected in Doncaster during this period and consider the barriers that people may have faced in obtaining insurance and whether there are any systemic issues in the provision of flood insurance.

Outlining the key terms of reference for this review, the government detailed the three key questions which will be asked which are:

  1. What does the evidence collected reveal about the level of insurance cover held by those most recently affected by floods, and the barriers they faced?
  2. Whether this evidence points to any system issues in the provision of flood insurance?
  3. Whether this evidence suggests that there are any other issues regarding availability, affordability, barriers, or dissatisfaction with insurance coverage?

The review will make a series of recommendations based upon the evidence found and inform future policy to support the uptake and effectiveness of insurance in flood risk areas.

This review, which is expected to be completed by the end of September 2020 and made available shortly after, will be led by the former chair of the Association of British Insurers and former chair of the Insurance Fraud Bureau, Amanda Blanc, who has an understanding of the role of Flood Re.

Addressing this review, Andy Bord, CEO of Flood Re, detailed the devastation which is caused by flooding and the role of insurance in providing vital peace of mind and financial protection to those who need it most. Flood Re exists to ensure home insurance is both available and affordable for those most at risk of flooding, he stated, and he said he welcomes the announcement of this review.

Bord said: “We look forward to working with the reviewer Amanda Blanc and contributing to the review in any way we can.”