The British Insurance Brokers’ Association (BIBA), the Association of British Insurers (ABI) and Flood Re have jointly launched of a new directory of specialist flood insurance providers.
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.
Following the report and working closely with Defra, BIBA, the ABI and Flood Re began a project to use the tried and tested practice of signposting to enable better access to insurance.
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 of the Flood Insurance Directory is excellent news for consumers”.
The new Directory lists specialist firms for insurance solutions for households struggling to obtain flood cover and can be found on the BIBA website.
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”.
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 1 September 2022.
James Dalton, director, general insurance policy, Association of British Insurers, 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”.
Dermot Kehoe, director of communications and transition, Flood Re, said: “The new Flood Insurance Directory is a great initiative to help householders shop around for flood insurance. It means that people will be able to easily see if their property is eligible for the Flood Re scheme and be directed to companies who can help them to find the right insurance.”
Paul Cobbing, CEO of the National Flood Forum added: “People at high risk of flooding may spend huge amounts of effort each year trying to get residential property insurance. By putting them in contact with specialist brokers and insurers, this initiative will help reduce the time and stress involved.”
Trudgill concluded: “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.”
Consumers can search for flood insurance at www.biba.org.uk/Flood-insurance-directory