Affordability and availability of flood insurance

Tender description

Previous research has been commissioned to support understanding of the market situation before the launch of Flood RE in relation to the availability and affordability of insurance in various areas and on differing social-economic groups. This research is the continuation of this work and is the first study to be commissioned after the launch of Flood RE in April 2016. Ongoing monitoring of the insurance market is necessary to ensure that our policy aims (to ensure flood insurance for high risk households is available and affordable over a transitional period of 25 years) are being achieved through Flood RE. Flood RE is a reinsurance vehicle which pools the highest risk policies and effectively limits the flood risk part of the insurance premium and excess. Following the launch of Flood RE, up to half a million households in high flood risk areas now have access to affordable flood insurance. Flood RE is designed to enable flood cover to be affordable for those households at highest risk of flooding and to increase availability and choice of insurers for customers.