We are concerned that Flood Re is not providing the protection that was envisaged and that 2039 will likely be too soon to close down the Flood Re scheme given the increasing risk from flooding and slower progress on protecting properties. The Committee has concerns over the number of high-risk households Flood Re protects. It is unclear what number of the 265,000 policies ceded to Flood Re in 2023 were from the top 2% of at risk properties nationally. Flood Re was introduced to allow enough ...

We are concerned that Flood Re is not providing the protection that was envisaged and that 2039 will likely be too soon to close down the Flood Re scheme given the increasing risk from flooding and slower progress on protecting properties. The Committee has concerns over the number of high-risk households Flood Re protects. It is unclear what number of the 265,000 policies ceded to Flood Re in 2023 were from the top 2% of at risk properties nationally. Flood Re was introduced to allow enough time for properties to become more flood resilient but the Committee doubts the UK is going to be in a sufficiently strong position by 2039 for Flood Re Type: conclusion | Number: 6 | Response status: accepted Government response: The government agrees with the Committee’s recommendation. Regulations 2015 sets out that Flood Re must produce a report at least every five years which reviews the scheme, considering total levy and reinsurance premium thresholds and the need to manage transition by 20