Insurance sector launches new directory of specialist flood cover providers

The British Insurance Brokers’ Association (BIBA), the Association of British Insurers (ABI) and Flood Re have collaborated to help more householders who are struggling to obtain flood cover access the insurance they need.

Related topics:  Protection
Rozi Jones
23rd February 2022
flood risk
"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."

They have today announced the launch of a new directory of specialist flood insurance providers that people may use to find cover. There are currently 18 insurers and brokers listed on the Directory which have passed the agreed eligibility criteria.

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

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, BIBA and ABI members have put in place a voluntary Signposting Agreement whereby firms will signpost to the Directory if a consumer is offered a household policy with a flood exclusion or a consumer is not offered a household policy and flood risk is the major reason cover is declined. Firms will seek to implement this agreement from 1st September 2022.

Graeme Trudgill, BIBA’s executive director, said: “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.

“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.”

Rebecca Pow MP, Flood Minister, commented: “I welcome the collaborative work BIBA has taken forward with industry following the Independent Review of Flood Insurance in Doncaster. This new joint-industry Flood Insurance Directory will play a key role in helping increase accessibility of flood insurance for properties at flood risk.”

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.”

 

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