UK flood reinsurer Flood Re has joined a UK government trade delegation to the US this week focused on promoting the UK’s knowledge and capabilities in flood and cyber resilience.
The delegation will be meeting with chief resilience officers, insurance regulators, the Federal Emergency Management Agency, and the New York City Office of Climate and Environmental Justice, among others, Flood Re said.
The delegation will visit Miami, Washington and New York. In addition to Flood Re, the delegation includes representatives from the insurance and broking sector.
“The Business of Resilience mission will provide Flood Re with a timely opportunity to share our internationally regarded approach to developing a resilient flood insurance market and to promote our groundbreaking work on adaptability through the Build Back Better Initiative,” said Dermott Kehoe, communications and transition director at Flood Re.
The Build Back Better Initiative, launched in April of last year, has gained support from 64% of the UK’s residential property insurance market, Flood Re said. The program enables participating insurers to offer relevant customers access to reimbursement costs of up to £10,000 (about $12,264) to invest in property-level flood resilience measures, in addition to the work done to repair damage caused by a flood.
“This mission reflects the global nature of the challenges around flood and the need for international collaboration and sharing of best practice,” said Andy Bord, CEO of Flood Re. “It also recognizes the success Flood Re has had to date, underlining that by placing resilience at the heart of housing and building policy, it is possible to reduce householders’ vulnerability to extreme weather events and help communities reap the benefits of a safe, better-planned built environment.”
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