Flood Re raises levy and liability and loss limits
Flood Re has increased the annual insurance industry levy by £25m to £160m from next April, in a string of changes it said were designed to keep flood insurance available and affordable.
The joint initiative between the insurance industry and the government noted that the shifts in key scheme parameters included the liability limit rising from £1.9bn to £3.2bn and the loss limit jumping to £250m from £100m.
The moves are scheduled to last until March 2028 and have been agreed by the Department for Environment, Food and Rural Affairs Minister of State Robbie Moore MP.
According to Flood Re, the decision stems from its regular review process of the levy and liability limit, as
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