BIBA, ABI and Flood Re set up flood insurance provider directory

The British Insurance Brokers’ Association (BIBA), the Association of British Insurers (ABI) and Flood Re have launched a new directory of specialist flood insurance providers that householders may use to find cover.

The directory follows the Independent Review of Flood Insurance in Doncaster, published in November 2020, which recommended a means of providing easier access to suitable and affordable insurance products to help those living in flood-prone areas.

Following the report and working closely with the UK Department for Environment, Food and Rural Affairs, BIBA, the ABI and Flood Re began a project to use signposting to enable better access to insurance. 

Graeme Trudgill, executive director at BIBA, explained: “People that have been flooded know all too well how important it is to have flood insurance that can help reinstate their home and contents. We were delighted that the review gave the impetus to work towards a solution to help more people and it was key that insurance brokers be involved. The launch today of the Flood Insurance Directory is excellent news for consumers.”

The new directory lists specialist firms that are well placed to find insurance solutions for households struggling to obtain flood cover and can be found on the BIBA website.

To support the use of the Flood Insurance Directory, leading BIBA and ABI members have put in place a voluntary signposting agreement stipulating that they will signpost to the directory if a consumer is offered a household policy with a flood exclusion or is not offered a household policy and flood risk is the major reason cover is declined. Firms will seek to implement this agreement from 1 September 2022.

James Dalton, director of general insurance policy at the ABI, added: “This is a great initiative to ensure that those living in areas of higher flood risk are able to access 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.”

There are currently 18 insurers and brokers listed on the directory, having passed the agreed eligibility criteria. Others are invited to join by completing the application form or emailing Jordan Kirby, BIBA’s find insurance manager, via kirbyj@biba.org.uk.

Dermot Kehoe, director of communications and transition at Flood Re, said: “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 property is eligible for the Flood Re scheme and be directed to companies who can help them to find the right insurance.” 

The initiative was welcomed by Paul Cobbing, chief executive of the National Flood Forum, who said: “People at high risk of flooding may spend huge amounts of effort each year trying to get residential property insurance. By putting them in contact with specialist brokers and insurers, this initiative will help reduce the time and stress involved.”

Trudgill concluded: “We have driven forward signposting as a solution for almost 10 years now and I am immensely proud to see the sector working together to launch this service built entirely for the benefit of consumers. I call on the whole industry to back this.”

Mark Dugdale