Flood Re posts 18% policy growth
Flood Re has reported covering 256,634 policies in the year ended 31 March 2022, up 17.7% on the previous 12 months.
The increase came with a similar rise in gross written premiums, up by £7m year-on-year at £46m.
According to Flood Re CEO, Andy Bord, the growth was spread across the country.
He highlighted that Flood Re helped 98% of people in homes at risk of flooding achieve 10 or more quotes whereas before the scheme launched in 2016 only 9% were able to get two or more quotes labelling it a “transformational effect”.
The results showed gross insurance claims against Flood Re were up at £32m from £8m
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