Three of the UK’s largest insurance companies have joined Flood Re’s Build Back Better Scheme.
Andy Bord (pictured on the right with Rt Hon Alok Sharma MP) stated at the World Climate Summit that Hiscox, RSA, and Covea have made commitments. The initiative is a collaboration between the insurance industry and the United Kingdom government to make flood insurance more affordable and accessible. It mandates that insurers provide customers with reimbursement costs of up to £10,000. The funds, which insurers can reclaim from Flood Re, can be used to raise electrical sockets, install non-return valves and self-closing air bricks, install flood-resistant doors, and more.
“It’s in everyone’s best interest to assist customers in protecting their homes from flooding,” said Tim Slattery, Hiscox UK’s personal lines underwriting manager. “These types of claims are upsetting and irritating, and they frequently result in a lot of waste and the need for new materials as the damage is repaired. This practical and innovative plan will make UK homes more flood-resistant and assist people affected by flooding in returning to their normal lives as soon as possible.
Ageas, NFU Mutual, Aviva, Lloyds Banking Group, and LV= have all made the pledge.
“It’s undeniable that climate change is causing more frequent and severe weather events,” said Suzy Tiffany, RSA’s personal lines claims director. “We want to assist our customers in protecting themselves from this growing risk.” “It is not an easy task, but it is critical to prepare the UK’s housing stock for the future by making it more flood-resistant. We’re pleased to be a part of the Build Back Better plan, which works toward this goal.
Bord, on the other hand, stated that insurers in the United Kingdom “lead the way” in assisting homeowners.
“The fact that approximately 60% of the UK’s property insurance market has already signed up with 8 of the UK’s largest insurers demonstrates that the insurance industry is determined to do everything it can in response to climate change and truly make a difference for customers,” he said.
“We are confident that more insurers will join in the next six months, and Build Back Better will soon be a standard feature of UK home insurance policies.”
“The extreme weather in the United Kingdom this year has demonstrated how changing weather patterns are affecting the country. Climate change is now thought to put one in every four UK homes at risk of flooding.” It has never been more important to make the UK’s housing stock more flood-resistant and to reduce the trauma associated with flooding.