Flood Re hosts over 50 MPs to discuss flood insurance and resilience

Flood Re hosts over 50 MPs to discuss flood insurance and resilience | Insurance Business New Zealand

Reinsurance

Flood Re hosts over 50 MPs to discuss flood insurance and resilience

Newly elected MPs learn about the Build Back Better initiative and flood preparedness

Reinsurance

By
Kenneth Araullo

More than 50 members of the British Parliament attended a drop-in educational event hosted by Flood Re in Parliament.

The event aimed to provide newly elected MPs with information about the flood insurance scheme, the Build Back Better initiative, and the advantages of property flood resilience.

Most of the MPs and researchers who participated were either newly elected or recently appointed following the General Election in July.

The event offered MPs an opportunity to engage in one-on-one discussions with Flood Re’s interim CEO Stuart Logue, Julie Foley, director of Flood Risk Strategy & National Adaptation at the Environment Agency, and Chris Rumsey, head of public affairs at the Association of British Insurers.

The event coincided with the Environment Agency’s Flood Action Week. Kelly Ostler-Coyle (pictured above right), head of communications and stakeholder engagement at Flood Re, noted that this was the organization’s first drop-in event for MPs, and attendance exceeded expectations.

“Ensuring MPs are fully conversant with the existence and management of the Flood Re scheme, including the Build Back Better initiative and the role of property level flood resilience, is increasingly important as the clock ticks towards our exiting of the market in 2039 and the return to risk-reflective pricing,” Ostler-Coyle said.

Ostler-Coyle also pointed out the significant role MPs can play in promoting local flood defense investment, advocating for flood resilience measures, and supporting water management schemes in their constituencies.

Additionally, MPs can help ensure their constituents are informed about their flood risks and know how to prepare and protect their homes in the event of flooding.

Elsewhere in reinsurance, reinsurers’ concerns over potential pressure to reduce pricing and offer more favorable terms have diminished following a series of late summer storms that increased natural catastrophe losses, according to a new report from Bloomberg Intelligence (BI).

Losses from Hurricanes Milton and Helene are likely to prevent the industry from seeing a repeat of 2023, when returns were buoyed by a lack of significant North Atlantic hurricane claims.

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