Andrew Percy – 2016 Parliamentary Question to the Department for Environment, Food and Rural Affairs

The below Parliamentary question was asked by Andrew Percy on 2016-02-09.

To ask the Secretary of State for Environment, Food and Rural Affairs, what steps her Department plans to take with insurance companies to ensure that savings from Flood Re are passed on to consumers in flood-risk areas.

Rory Stewart

Through the prices it charges insurers that cede policies to it, Flood Re will enable insurers to offer subsidised premiums, set by council Tax bands or equivalent, and reduced excesses to those at the highest risk of flooding. This is a competitive market and insurers are confident there will be a wide range of products available to consumers under Flood Re. It will remain important that households continue to shop around to ensure they can access the best prices.

Flood Re will regularly monitor the accessibility and affordability of insurance for those at high flood risk. Defra and Flood Re will evaluate the success of the scheme at least every five years.