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Government and insurers agree deal on flood insurance


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The Association of British Insurers and the Government today struck a new deal to develop a not-for-profit scheme called Food Re to make sure flood insurance remains widely available and affordable.

 

The new agreement will put a cap on flood insurance premiums and link them to council bands. Flood re will charge member firms an annual £180 million, representing a levy of £10.50 on annual household premiums.

 

The aim is that Flood Re will be up and running by summer 2015 and last at least 20 years. Until then, ABI members will voluntarily continue to meet their flood cover commitments under the current Flood Insurance Statement of Principles.

 

http://www.independent.co.uk/property/government-and-insurers-agree-deal-on-flood-insurance-for-atrisk-homeowners-8676701.html

 

 

Flood insurance deal sees fears recede over future cover

 

http://www.guardian.co.uk/money/2013/jun/27/flood-insurance-deal-industry-government

 

Flooding deal 'to cap insurance premiums'

 

http://www.bbc.co.uk/news/business-23082174

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