Flood Re News

UK Warned Cuts to Flood Defense Are Too Dangerous to Consider

The UK should spare flood defense programs from budget cuts to be announced in June, as the country is already woefully unprepared for worsening disasters linked to climate change, a government adviser has said. “We are seriously concerned that resilience …

Insurers Pay Record Claims for Weather-Related Damage in UK: ABI

Insurers paid out a record £585 million (US$724.7 million) for weather-related damage to people’s homes and possessions in 2024 in the United Kingdom, according to the latest data from the Association of British Insurers (ABI). The record claims come following …

England Warns Nearly a Million More Properties Face Flood Risks

Almost a million more properties in England are at risk of flooding than previously thought, raising concerns about a growing number of uninsurable or unsellable properties over the coming decades. Data from the Environment Agency on Tuesday showed 6.3 million …

UK Insurers Pull Back From Offering Cover as Flood Threats Rise

Increased flooding in Britain from overflowing rivers and blocked drains is leading insurers to pull back from offering cover, particularly for commercial properties and residential landlords, industry representatives say. London was among British cities hit by flash floods last week …

UK’s Second Biggest Mortgage Lender Pulls Offers Over Flood Risk

The UK’s second biggest mortgage provider has stopped making loans on homes at risk of flooding, over fears they may become uninsurable — and therefore, unsellable — over the coming years. Nationwide Building Society uses mapping technology to identify which …

UK’s Flood Re Launches Scheme to Help Homowners Raise Resilience Against Floods

Flood Re, the joint initiative between the UK insurance industry and the UK government to promote the availability and affordability of flood insurance, has launched a proposition designed to ensure homes are more resilient against flooding. Starting in April, participating …

One in Four UK Properties at Risk of Flood, New JBA Model Reveals

One in four UK properties are at risk of flood, according to new analysis from JBA Risk Management. The flood specialist’s new UK Flood Model, launched last week, also highlights an estimated annual cost of £527 million (US$712.7 million) to …

Flood Re Tours UK With ‘Floodmobile’ Before COP26 to Highlight Flood Resilience

Flood Re, the joint initiative between the UK government and insurance industry to help make home flood insurance more affordable, has been touring flood-prone cities in the UK to highlight the resilience measures that residents and businesses can install to …

UK Plans to Spend $6.6 Billion on Building Flood Defenses Through 2027

Prime Minister Boris Johnson proposed 5.2 billion pounds ($6.6 billion) of spending on flood defenses through 2027 as his government seeks to protect hundreds of thousands of British homes. Under the plan, billed as “the most comprehensive in a decade,” …

UK Insurers Could See Underwriting Losses After Storms Ciara, Dennis: Fitch

Losses from storms Ciara and Dennis, which brought strong winds, torrential rain and widespread flooding to the UK, will increase pressure on UK household insurers’ profits in 2020, said Fitch Ratings. While the claims are unlikely to exceed £500 million …