Brokers back flood resilience as Build Back Better scheme soars

UK brokers are increasingly engaging with flood resilience measures and initiatives, as highlighted during Flood Re’s sessions at the British Insurance Brokers’ Association (BIBA) Tour of the Regions.  

The annual roadshow, hosted by BIBA across the UK, saw nearly 800 brokers express significant interest in understanding Property Flood Resilience (PFR) measures, the BBB scheme, and the potential development of Flood Performance Certificates (FPCs). 

Tackling the growing impact of flooding head-on 

The sessions led by Flood Re have been particularly timely, following last winter’s devastating storms – including Storm Babet and Storm Henk – which resulted in more than 4,000 flooded properties. During these sessions, brokers discussed Flood Re’s operations; the benefits of incorporating resilience measures into repairs; and the role of FPCs in assessing and improving property flood resilience. 

Kelly Ostler-Coyle, head of communications and stakeholder relations at Flood Re, commented, “We were delighted to see such a strong interest from brokers about Flood Re and our recent initiatives, with the issue of flooding being brought into sharp relief again this month following storms Bert and Darragh. We know that education around PFR in particular is critical for the success of the Build Back Better scheme, which has a major role to play in helping improve resilience to future flooding and we will be using the feedback to develop new targeted education and communication materials for the insurance market.” 

Since its inception in 2016, Flood Re has helped approximately half a million homes access affordable flood insurance. Four out of five households with a history of flood claims have seen premiums drop by more than 50%, and 98% of homes at risk of flooding now have access to quotes from multiple insurers supported by the scheme. 

What is the Build Back Better scheme? 

Launched in July 2022, BBB is a reinsurance scheme which offers householders the opportunity to integrate flood resilience measures of up to £10,000 in value during post-flood repairs.  

The initiative aims to reduce the long-term financial and operational impact of floods, future-proofing homes in the process.  

Graeme Trudgill, CEO of BIBA, stressed the importance of broker involvement: 

“Our members are increasingly interested in helping clients mitigate the risks of flooding. BIBA will continue to promote flood resilience and Build Back Better as part of our key manifesto commitments for the coming year.” 

During the Flood Re sessions, brokers called on insurers to include more comprehensive information about Flood Re and BBB within e-traded household policies. In response, Flood Re is developing new learning and education resources for brokers and the wider insurance market, slated for release in the New Year. 

How can Flood Performance Certificates help? 

Flood Re also highlighted the potential of FPCs, which are modelled on Energy Performance Certificates, to formalise assessments of property flood resilience.  

These certificates would provide homeowners with a clear plan to improve their properties, and could ultimately influence house prices and insurance premiums. 

Flood Re believes that FPCs could accelerate the adoption of flood resilience measures, improve the UK’s housing stock resilience, and help ensure that flood insurance remains affordable and available. 

Image: © Hans from Pixabay via Canva

Josie Geistfeld Josie is an editor for Claims Media. She welcomes feedback, comments, and opinion at josie.geistfeld@barkerbrooks.co.uk