...expected later this year. The organisations are calling for intermediaries and insurers who can provide cover for residential buildings and/or contents insurance for consumers who are struggling to obtain flood insurance to register to be part of the service ahead of its launch.
The three organisations will be launching the Flood Insurance Directory following recommendations in the Government’s Independent Review of Flood Insurance in Doncaster published in November 2020. Upon launch they will be asking the industry to signpost consumers to the service if they are unable to provide flood insurance.
The directory will be open to all FCA and PRA regulated insurers and intermediaries that can meet the eligibility criteria. Primarily they will need to be able to provide cover either for homes eligible for Flood Re, or be able to provide flood cover for homes outside Flood Re’s eligibility criteria e.g. those built since 2009.
The new directory will form part of BIBA’s existing online Find Insurance Service and the firms included will go through a vetting process which has been developed with the Department for Environment, Food and Rural Affairs (DEFRA).
Graeme Trudgill, BIBA Executive Director, commented: “This new Flood Insurance Directory will be a joint industry solution to help homeowners struggling to access flood insurance. It’s a natural next step for our Find Insurance Service and we are urging relevant brokers and insurers to register within the next month. This is our opportunity to work as an industry to provide a simple yet effective solution to a challenge that Government has asked us to solve.”
James Dalton, Director, General Insurance Policy, Association of British Insurers, added: “This is a great initiative to ensure that those living in areas of higher flood risk are able to access affordable flood cover for their homes. The ABI and BIBA have gone one step further with this signposting agreement which will help those both within scope, and out of scope of Flood Re, to be directed to specialist providers for their needs”.
Interested providers should register for the directory.
Dermot Kehoe, Director of Communications and Transition, Flood Re, concluded: “The new Flood Insurance Directory is a great initiative to help householders shop around for flood insurance. It means that people will be able to easily see if their house is eligible for the Flood Re scheme and be directed to companies who can help them to find the right insurance.”
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